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GBP/JPY: double top on intraday charts?

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 14, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The GBP/JPY pair recovered from 183.28 to make a failed attempt to take out offers at the daily high of 183.76 levels, thereby forming a double top on the intraday charts.

    Focus on US data

    The US advance retail sales data is likely to influence the overall market sentiment. Sterling is heading into the event as the strongest major currency, while the safe haven Yen stays upbeat on account of the risk averse mood in the equities.

    A weak advance retail sales print could hurt the GBP and other risk assets and trigger a double top break below the neckline support seen at 183.28.

    GBP/JPY Technical Levels

    The immediate support is seen at 183.28 (neckline support), under which 183.00 could offer support. A break below the same would expose 182.73 (hourly 100-MA). On the other side, resistance is seen at 183.76 (daily high) and 184.00 levels.
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