GBP/JPY Completing a Double Bottom | Forex Factory

  • GBP/JPY Completing a Double Bottom

    From fxtimes.com

    Deep throwback: After a strong swing last week from 157.28 to 159.93, GBP/JPY retreated slowly back toward the start of the swing, almost reaching it a couple of times this week during the 9/24 and 9/25 sessions. Double bottom, falling speedline: The twice failed attempt to push below 157.28 has been developing into a double bottom seen in the 1H chart. However there is resistance is at 158.55. There should be some selling pressure here, but a break above 158.55 completely puts in a double bottom and opens up a bullish continuation scenario. Also note that around 158.55, maybe slightly above it, there is a falling ... (full story)

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Indrek
Sep 25, 2013 12:03pm
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GBP is so overbought that it is like a huuuge bubble. How could it be forming a bottom against any currency? Most stupid "analysis" that I have read lately.
It has to fall 1000 pips first before we can speak about bottom.
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Articulate
Sep 25, 2013 1:07pm
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Double bottom on 1H? What is the significance of that information? These people are a bunch of jokers. The only chart that can really help any serious trader is the weekly chart. Follow the direction of the weekly charts one candle at a time and you can never miss your way. A word is enough for the wise!
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khol_hands
Sep 25, 2013 10:30am
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its not funny guys..
double bottom always completed after big downtrend. now we are on top.
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khol_hands
Sep 25, 2013 10:32am
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how about HSH in 4h???
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fxtimes
Sep 25, 2013 11:11am
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GJ rally above DB stalling at the noted speedline. UJ not breaking its own falling speedline could be a factor. I know I shouldn't post links, but hopefully I can get an exception here from FF: www.fxtimes.com/featured/usdjpy-testing-a-falling-speedline-resistance/ - Fan
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fxtimes
Sep 25, 2013 2:39pm
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Quoting Articulate
Double bottom on 1H? What is the significance of that information? These people are a bunch of jokers. The only chart that can really help any serious trader is the weekly chart. Follow the direction of the weekly charts one candle at a time and you can never miss your way. A word is enough for the wise!
A pattern in a time-frame will have significance in that time-frame or lower. Also, a double bottom itself is just one observation I shared for free.

- Fan
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Trader#41F1
Sep 25, 2013 10:37am
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hmmm so funny using 4h compare to weekly divergence pattern and now we are at the top.......
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