GBP/JPY forms double top, good to sell on rallies : FxWirePro | January 9, 2018

Candle stick pattern- Doji

GBP/JPY -0.70% has shown a minor jump above 153.40 major resistance and shown a minor decline from that level. The pair jumped till 153.67 and is currently trading around 152.89.

Intraday bias is on the down side as long as resistance 153.67 holds. The pair formed almost a double top at this level and any further bullishness only above that level.

The pair has taken support near 7 – day MA at 152.60 and shown almost 30 pips jump. The major resistance is around 153.60 and any convincing break above confirms minor trend reversal. Break above 153.40 will take the pair till 155/155.88 (161.8% retracement).

The near term support is around 152.60 (7- day MA) and any break below will drag the pair till 152/151.50.

It is good to sell on rallies around 153-153.10 with SL around 153.60 for the TP of 151.50.