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GBP/JPY Technical Analysis: Double-Bottom, Meet Double-Top

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by , 12-07-2017 at 02:00 PM (355 Views)
          
   
The price in question is 148.29, and this is the 61.8% retracement of June to December, 2016 major move in the pair. Perhaps most importantly, this price had helped to set resistance for almost ten full months in GBP/JPY. Prices turned-around here in mid-December, and again in May as GBP/JPY put in a peculiar period of price action. This pair is often trending or moving in somewhat of a directional manner: But itís also notorious for being wild and chaotic. The fact that the first nine months of this year were so seemingly quiet in the pair is something that deserves attention, as we may be on the cusp of some brutal movement, in one direction or the other.

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We have yet to see GBP/JPY embark on a directional movement since that initial September breakout. Price action has been bound between support of 146.94 and resistance of 152.86 for more than two-and-a-half months.

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