Yesterday I wrote: "The GBP/JPY uptrend seems to be weakening as it has been unable to overcome the 152.00 handle. A Double Top appears to be forming which warns of lower prices to follow.
Double tops rarely signify trend reversal as this possible pullback, though substantial in magnitude, will leave the up trend intact. Trading against the trend is risky, however tight stops just above 152.00 would provide an excellent risk to reward as 139.19 (38.2% Fibo) would be the possible target. A daily close above 152.00 would nullify this bearish scenario."
The trade has since moved 182 pips in my paper since my posting in the Trend of the Day. Negative MACD divergence is clearly visible. This remains my pick with stops moved down to break even.
