Double top after rally: In the span of a little more than 2 sessions, the GBP/JPY rallied from 140.35 to 151.76 (more than 1000 pips!). After this surge, it appears to have lost a little steam, reflected by a bearish divergence with the RSI. Price was stalling in the 4/8 European and now US session is forming an intra-day double top. In the near-term there might be some space to the downside during the US session, but it will be challenged by a rising trendline just above the 150 handle, which is also the area where this week opened. Below that, a second near-term support could be in the pivot area of 149.20-149.50. ... (full story)