Double Top Pushes GBP/JPY Lower – Realized Sales Fail to Support - Forex News by FX Leaders

Double Top Pushes GBP/JPY Lower – Realized Sales Fail to Support

Posted Thursday, April 25, 2019 by
Arslan Butt • 1 min read

First things first, according to the Confederation of British Industry, the UK retail sales grew for the first time since November 2018 in April. The review of 110 firms, of which 55 were retailers, recorded that sales volumes expanded for the first time in five months, likely backed by the later timing of Easter this year. Despite that, the Sterling failed to gain support as it’s falling dramatically against the JPY.

The last ‘Double Top’ pattern led to the current decline in the GBP/JPY, so all the Moving Averages have been violated. It’s likely that the market is going to continue falling in the short term towards the previously tested support at 143.83 – 143.71.

Support Resistance
144.37 145
144.08 145.32
143.45 145.95
Key Trading Level: 144.7

We may have a buying opportunity here if the market manages to close above 143.800. An upward correction can lead the Japanese cross towards the resistance level of 144.83 – 145.

Good luck!

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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