How to profit from FX Markets by 
Cable has found a short term bottom against the japanese yen. I’m observing various possible double bottom’s in price action and RSI indicator (see chart).
For those traders willing to risk a long trade in this short term bear trend a splendid objective could be found at 153,84 - 154,00 area that corresponds to the 38,20% Fibonacci resistance from the whole drop 163,11 - 148,05.
Still, 150,00 pshycological resistance is in play and needs to be perforated during today’s U.S. session.
Note a possible double bottom may be building on the Daily chart RSI.
César B.Leiceaga
You are klooking at the chart wrong. Its not a Double Bottom. The market is in a longer term downwards trend, so the pressure is on the market when it moves up!
It might be a Double Top….
Dear A Trader,
I’m aware that a double top is built, and I’m also aware of of longer term downward trend… I’m saying that if 150 level was breaking a good spot to close a long position could of been at the 38,2 Fib of the whole drop. In this case the pound has been well capped by the 15SMA on DAILY chart and broken throught 148,12 (previous low) therefore my theory is cancelled.
Regards.