Thoughts on $GBPJPY around 213.50
Been watching $GBPJPY for a bit, and it's certainly had a decent run. Price is currently knocking around 213.566, and I'm seeing a bit of a zone forming here. It's not quite a textbook head and shoulders, but there's a definite slowing of momentum on the daily with those wicks stretching higher around this 213.50-213.70 region. You could argue there's a mini double top in the making if you zoom in, but I'm hesitant to call it with conviction just yet.
The interesting bit for me is how it interacts with the 213.00 level. If it starts to reject hard from current levels and we get a sustained break below 213.00, especially on a daily close, that would certainly change the complexion. My read is that continued strength and a clear break above 213.70 with some follow-through would invalidate this particular idea of a temporary top. Right now, it feels like a bit of a waiting game to see if the bulls are truly exhausted or just taking a breather before another leg up. My gut says patience is key here, as usual.
That's interesting. I've been watching $GBPJPY too, but haven't spotted the mini double top yet. Would you consider that zone a good place for a short entry, or are you waiting for more confirmation?