GBP/JPY Technical Analysis: Double top on 4H chart

Omkar Godbole FXStreet Contributor

GBP/JPY has chared a double top, a bearish reversal pattern, on the 4-hour chart with the neckline support at 144.12. Interestingly, support of the trendline sloping upwards from the Feb. 15 and Feb. 18 lows is also located at 144.12, which makes it a level to beat for the bears,

The breakdown, if confirmed, could yield a drop to 143.22 (target as per the measured move method).

That said, the overall bullish outlook, as indicated by the flag breakout on the daily chart, will remain valid as long as the pair is trading above Tuesday's low of 142.48.

4-hour chart

Daily chart

Trend: intraday bearish below 144.12

1. R3 146.07
2. R2 145.56
3. R1 145.14
PP 144.63
1. S1 144.21
2. S2 143.7
3. S3 143.28

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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