- A break above 151.16, the double-top neckline could negate the chart pattern.
- If the pattern is confirmed, 149.00 is the target.
- GBP/JPY post modest gains 0.08%, eyes 151.16.
The GBP/JPY trades modestly up in the session at 151.05 slightly up 0.05%. In the previous session, the pair closed at 150.82 a gain of 0.30%.
GBP/JPY Technical outlook
The GBP/JPY is trading up 0.010% at 151.00. The cross-currency is challenging resistance at 151.00. Nevertheless, the pair is trading well below the shorter-term moving averages, while the 200-day moving average is at 148.45 flattish. While the double-top chart pattern is in play, current price action tests its validity. If the neckline is broken, expect price to aim higher toward 152.00, followed by the 100-DMA/50-DMA confluence at 152.86 then 153.00. On the other hand, if the neckline holds, sellers left behind could take advantage and enter the market.