GBP/JPY – Double top on hourly chart
Short-term daily moving averages – 5-DMA & 10-DMA are still sloping downwards. Accordingly, the cross has failed twice 132.40 at a time when the hourly MACD has turned bearish while the price has formed bearish divergence with hourly RSI.
This suggests the pair could test double top neckline level of 131.63 and may actually breach the same and retreat to 131.00 levels.
On the higher side, a day end close above 132.40 would open doors for 134.00 levels.
This suggests the pair could test double top neckline level of 131.63 and may actually breach the same and retreat to 131.00 levels.
On the higher side, a day end close above 132.40 would open doors for 134.00 levels.
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