{"id":3303,"date":"2024-06-27T11:30:28","date_gmt":"2024-06-27T11:30:28","guid":{"rendered":"https:\/\/alchemymarkets.com\/?post_type=market_insights&p=3303"},"modified":"2025-05-15T13:45:42","modified_gmt":"2025-05-15T13:45:42","slug":"gbpjpy-analysis-06-27","status":"publish","type":"market_insights","link":"https:\/\/alchemymarkets.com\/sv\/education\/market-insights\/chart-of-the-day\/gbpjpy-analysis-06-27\/","title":{"rendered":"GBPJPY: Monthly Double Bottom, Trading Inside a Daily Parallel Channel"},"content":{"rendered":"\n

There is a potential for a move of over 8,000 pips on GBPJPY, thanks to a gigantic double bottom pattern from 2008. Now, the question is: will it really play out?<\/p>\n\n\n\n

Zooming out to the monthly timeframe, we can see a clear double bottom formation with a successful break of the neckline. The asset has also remained steadily above it for 2 months, and we\u2019re headed towards a third bullish monthly close.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Given the Bank of Japan\u2019s reluctance to raise interest rates, investors may be running to GBP to earn from the 5.25% interest rate. Of course, there have been talks of an interest rate cut for the British Pound, coming as soon as early August.<\/p>\n\n\n\n

In such a scenario, GBPJPY may create a bullish retest of the monthly double bottom neckline, located at 182.966.<\/p>\n\n\n\n

So which areas should we focus on?<\/h2>\n\n\n\n

Traders are advised to pay attention to the 2008 Pivot Resistance<\/strong> at approximately 214.041 yen, as that is where a significant price decline has previously occurred.<\/p>\n\n\n\n

Additionally, setting a Monthly 20 EMA<\/strong> is a great idea to gauge whether the bullish rise is over. As long as the price does not make a monthly close below this EMA, GBPJPY has the potential to keep rising.<\/p>\n\n\n\n

Finally, the price is currently consolidating within a daily parallel channel, where the middle line, upper line, and bottom lines are clearly respected.<\/p>\n\n\n\n

GBPJPY Daily Timeframe Analysis (June 27th, 2024)<\/h2>\n\n\n\n
\"\"<\/figure>\n\n\n\n

Zooming in on the daily chart, we can see a clear, ascending parallel channel. This is a bearish sign in the short term. If the parallel channel breaks towards the downside, we can see a retest of the monthly neckline at $195.162.<\/p>\n\n\n\n

Resistances wise, we have the upper parallel channel trendline, and the 2008 pivot resistance at $214.040 up ahead.<\/p>\n\n\n\n

Additionally, we have decreasing daily volume, which supports the idea of a temporary drop.<\/p>\n\n\n\n

You may also be interested in: Trading Chart Patterns<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

GBPJPY is trading within a daily parallel channel, with the potential of a confirmed double bottom pattern on the monthly time frame.<\/p>\n","protected":false},"author":159,"featured_media":3308,"parent":0,"comment_status":"open","ping_status":"closed","template":"","market_insights_categories":[18],"class_list":["post-3303","market_insights","type-market_insights","status-publish","has-post-thumbnail","hentry","market_insights_categories-chart-of-the-day"],"acf":[],"yoast_head":"\nGBPJPY: Monthly Double Bottom, Trading Inside a Daily Parallel Channel - Alchemy Markets<\/title>\n<meta name=\"description\" content=\"Analysis: GBPJPY is trading within a daily parallel channel, with the potential of a gigantic double bottom with a 8,000 pips move.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/alchemymarkets.com\/sv\/education\/market-insights\/chart-of-the-day\/gbpjpy-analysis-06-27\/\" \/>\n<meta property=\"og:locale\" content=\"sv_SE\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GBPJPY: Monthly Double Bottom, Trading Inside a Daily Parallel Channel - 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