GBP/JPY question

So i've done some research, and found out that holding a long position with this pair pays quite some interest. I trade with Oanda, and the interest is paid bz second.
So i was wandering fist of all, how manz people trade this pair? i know it's not as common as the Eur/Usd, or the cable, or Aussie but still. Secondly i would like to understand if this pair has just reached a double top. By looking at the daily chart it seems it tasted the 234,82 twice and couldt pass trough. Does this mean that is more likely that this pair will loose ground in the next week or no?
Because if it looses it's pointless to go long and earn interest. it would be a loss trade.
Thx for any response

Yes, it pays interest. It's called a carry trade and a lot of people have figured this out. It is quite common for retail traders as well as hedge funds and institutions to hold long positions of just about anything against the JPY. In 2005 it was considered the single most profitable strategy of the entire year (hedge funds and larger).

Are we in a double top and will it hold? I have no idea. Look back over 2006 and see how many times traders thought there was a "double top" only to see price shoot higher. In trending markets highs are made to be broken. If there weren't we woun't be in a trend in the first place.

Very nice pair to carry. Just make sure you manage your account properly in terms of MM and don't buy at the top. You can go to james16 chart thread and look at my daily chart, I posted today. It should give you some idea when to 'jump in' . There is one person on this board I know, who made $600 in interest alone just yesterday (triple Wednesday).

Hi Fxnoob,
I used to think I have received interest rate swap for years.
Two years ago I knew many people had bought GBPJPY at a low price (when 1pound was 190~200yen) and have held this currency for long years.
But they do not know Great Britain economy to the minutest details.
(Although I liked and bought "MARGARET THATCHER The Great Speeches(CD)"...)
Many Japanese people have held GBPJPY at lowly leveraged(or non leveraged) finance, I think.

I am quite upset with myself for letting this pair get away from me. I had made some nice pips in two different accounts on this pair in the past couple of weeks. Actually got out right at the last top, before the plunge down. Then ignored the pair while working on some other trades and ideas and totally missed out on the surge back up.

Based on the fact that this pair had hit some of my projections before, both tops, middles and bottoms I am really mad at myself that I wasnt paying attention. I cannot watch the charts most of the USA trading day. So this pair went crashing through several of my resistance lines on the way up while pausing at some. And now it is pausing at another line. My next resistance is approximately 100 pips higher. It is hard to tell right now if we are at exhaustion or just taking a breath for the next move.

Will have to look much closer at Fundamentals.

Lou