# GBP/JPY Double Bottom (February 6, 2014) Source: https://www.tradersway.com/resources/market-info/gbp-jpy-double-bottom-february-6-2014/ Language: en Updated: 2014-02-06 Description: Explore GBP/JPY Double Bottom (February 6, 2014). A classic. Trade Forex and CFDs on MT4 and MT5 with tight spreads, flexible leverage and fast funding. A classic reversal chart pattern has formed on GBP/JPY’s 1-hour time frame, indicating that the recent selloff is almost over. However, the pair has yet to make a break above the neckline of the formation before a rally is confirmed. Take note that stochastic is already in the overbought zone and looks ready to cross down, which means that a bit of consolidation or pullback might be in the cards before an actual upside break. ![GBP/JPY Double Bottom (February 6, 2014)] Going long above the 166.00 major psychological resistance with a stop around 165.00 or lower and a target of 200 pips could make close to a 2:1 return on risk. Bear in mind that the chart pattern is roughly 200 pips in height, which suggests that the potential breakout could be of the same size. *By Kate Curtis from Trader’s Way* ## Structured data JSON-LD as served in the HTML version of this page. ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Article", "@id": "https://www.tradersway.com/resources/market-info/gbp-jpy-double-bottom-february-6-2014/#primary", "url": "https://www.tradersway.com/resources/market-info/gbp-jpy-double-bottom-february-6-2014/", "mainEntityOfPage": "https://www.tradersway.com/resources/market-info/gbp-jpy-double-bottom-february-6-2014/", "headline": "GBP/JPY Double Bottom (February 6, 2014)", "inLanguage": "en", "datePublished": "2014-02-06T11:57:50+00:00", "dateModified": "2014-02-06T11:57:50+00:00", "articleSection": "Market Info", "description": "Explore GBP/JPY Double Bottom (February 6, 2014). A classic. 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