GBP/JPY - Forming a Potential Double-Top?
GBP/JPY has failed to break the resistance at 184.33. Monitor the support at 181.13, as a break would validate a double-top formation. Another support stands at 179.66 (see also the rising trendline).
In the long-term, the trend is positive as long as the strong support area between 169.51 (11/04/2014 low) and 167.78 (18/03/2014 low) holds. The break of the strong resistance at 180.72 (19/09/2014 high) opens the way for further strength. A key resistance stands at 197.45 (24/09/2008 high).