GBP/JPY manifests double-tops pattern on 161.65 limits

FXstreet.com (Chicago) - GBP/JPY prints a double-tops pattern with last November 17th highs around the 165.65 front. Navigating 4 and a half year highs, the pair struggles to consolidate above 161.40 after retracement.

GBP/JPY Technical Levels

Technically speaking, the pair is offered at 161.41 and oscillates between the supports aligned at 161.15 (November 12th highs), 160 (September 30th highs) ahead of 159.20 (November 14th highs) and the resistances set at 161.65 (November 15th highs), 162.67 (July 26th highs 2009) followed by 165.40 (November 18th highs 2008). According to the FXstreet.com trend index on one-hour timeframe analysis, the pair is slightly bullish and navigates above the EMA20.