GBPJPY formed a Double Bottom pattern on the 4Hr and 1Hr time frames with the left bottom at 179.47, right bottom at 179.73 and the neck region at 182.28. The height of the pattern is approximately 280pips.
The neck region was broken to the upside on 21 July with price reaching 182.51. A pullback to the July 10 trend line at 181.20 was seen shortly. This trend line provided a good support and turned the price northward from 181.10.
We need to see price reclaim 182.52 to open the door for long opportunity to 184.10 (first); then 185.10 levels.
The neck region was broken to the upside on 21 July with price reaching 182.51. A pullback to the July 10 trend line at 181.20 was seen shortly. This trend line provided a good support and turned the price northward from 181.10.
We need to see price reclaim 182.52 to open the door for long opportunity to 184.10 (first); then 185.10 levels.