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GBP/JPY: Double top at 185.00?

FXStreet (Mumbai) - The GBP/JPY ran into offers around 185.00 levels for the second time since the NY session on Monday, indicating a possible double top formation on the hourly charts.

Double top neckline at 184.60

The cross turned lower from the highs around 185.05 in the NY session before falling back to 184.60. Fresh bids took the pair higher to 185.03, before the pair turned lower. It remains to be seen if the pair manages to take out the double top neckline at 184.60 levels.

The focus is likely to be on Carney’s testimony before a Treasury Committee on the Bank of England bill today. BoE hawkish dissenter McCafferty is also due to speak today. McCafferty had said last week that the BOE could cut rates or may even think of QE if needed.

GBP/JPY Technical Levels

At 184.80, the immediate support is seen at 184.60 (double top neckline), under which the pair could drop to 184.13 (hourly 100-MA) and 183.94 (hourly 200-MA). On the other side, a break above 184.00 on the hourly chart would expose 185.33 (200-DMA) and 185.73 (50-DMA).

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