Price has double topped on the weekly time frame and triple topped on the daily.
On the lower timeframes price has attempted to double top the 167.855 however fell short on the second rally up signaling not enough buyers willing to buy GBPJPY at those prices currently.
Price has retested the 164.646, and could retest this level again given the triple top which reached the 382 fib, a strong reversal zone.
Should price again retest 164.646 this is the formation of a Head and Shoulders pattern, which would see the target price of 161.374 if played out.
On the lower timeframes price has attempted to double top the 167.855 however fell short on the second rally up signaling not enough buyers willing to buy GBPJPY at those prices currently.
Price has retested the 164.646, and could retest this level again given the triple top which reached the 382 fib, a strong reversal zone.
Should price again retest 164.646 this is the formation of a Head and Shoulders pattern, which would see the target price of 161.374 if played out.