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)