GBP/JPY has chared a double top, a bearish reversal pattern, on the 4-hour chart with the neckline support at 144.12. Interestingly, support of the trendline sloping upwards from the Feb. 15 and Feb. 18 lows is also located at 144.12, which makes it a level to beat for the bears,
The breakdown, if confirmed, could yield a drop to 143.22 (target as per the measured move method).
That said, the overall bullish outlook, as indicated by the flag breakout on the daily chart, will remain valid as long as the pair is trading above Tuesday’s low of 142.48.
4-hour chart
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Daily chart
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Trend: intraday bearish below 144.12
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