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Tempo_Trades

GBP/JPY - Double Top - Bearish Divergence

Short
British Pound / Japanese Yen (FX:GBPJPY)  
Tempo_Trades  
FX:GBPJPY   British Pound / Japanese Yen
Support and Resistance Double Top or Bottom Oscillators GBPJPY gbpjpyshort gbpjpyanalysis gbpjpyforecast Contains image
3
0
supportandresistance doubletoporbottom oscillator gbpjpy gbpjpyshort gbpjpyanalysis gbpjpyforecast containsimage
Overview
GBPJPY has formed bearish divergence and double top pattern after having a strong bullish rally!

Analysis & Plan
Double top is a bearish reversal pattern which indicates a change of trend from bullish to bearish. Bearish divergence is also an indicator of a weak bullish trend, hence our bias for GBPJPY is currently bearish. We are looking to short break of support (neckline) and enter via a sell stop order!
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