Double top pattern in GBP/JPY – Are you ready to trade breakout?
The GBP/JPY is likely to trade sideways due to the absence of fundamentals, yet 148.150 is a crucial level to watch today. I will be...
Arslan Butt•Thursday, October 4, 2018•1 min read
On the daily timeframe, GBP/JPY has formed a double top pattern which is providing a solid resistance at 149.300. Zooming out on the chart, you can see there’s also an ascending triangle pattern which is suggesting a bullish bias of the market.
Now the thing is, despite the double top resistance, the market is likely to head north to test 149.250.
Support Resistance
147.71 148.73
147.13 149.17
146.11 150.19
Key Trading Level: 148.15
The pair can trade sideways due to the absence of fundamentals, yet 148.150 is a crucial level to watch today. I will be looking to stay bullish above it to target 149.250.
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ABOUT THE AUTHOR
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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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