GBPJPY [GJ] - DOUBLE-TOP @CONFLUENCE OF BEARISH TRENDLINE

Back again people...
Its a busy day :I


This afternoon I have been looking @GJ


As always, I will kick us off with a Top-Down [/I]Analysis


I have identified a Bearish Trendline that is respected on both the Monthly & Weekly Timeframe
If we look at the Weekly - We can see that there is a Horizontal Resistance that meets the Bearish Trendline @158.00 [Nice bit of Confluence there]
Furthermore and prior to this coming together, the market has tested the Horizontal Resistance and then fell away
This then returning to the level @158.00 and forming a Double-Top

At this point I am considering Shorts[/I]


Moving on to the Daily timeframe ...


If we look on the Daily - We can see that the Double-Top[/I] is respected at the confluence of the aforementioned levels @158.00[/I]
Furthermore, I have marked out a Bullish Trendline - Currently, the market is heading south towards this Support

So, Initial thoughts are - If price breaks below the confluence of both the Support of the Bullish Trendline & Horizontal Level @158.38 - I will the looking for Sells upon a Retest of this confluence as new Resistance
Also, if this materialises - We should still look further south for a further drop at the neckline of the Double-Top @149.2 zone[/I] - Which would be nice, yeah?

Alternatively, a Breakout above the Double-Top may present Long opportunities



Will keep my eye on this and provide updates as and when required


Thanks for tuning in people - Peace Out!