© Dukascopy Bank SA
A double bottom that has emerged in the 4H chart for the USD/JPY currency pair is looking pretty much similar to the figure created by the previous cross. However, here the bulls are only getting ready to deal with the 200-period moving average line located just above the 113 level. An immediate failure here is not expected, also given that 4H technical studies are supporting the rally of the Greenback. However, much stronger selling pressure is forecasted to be seen near 115, the area between the upper boundary of the pattern and the monthly pivot point. It should be monitored carefully, as weekly indicators are pessimistic and the Dollar seems to be overbought (73% long sentiment).
© Dukascopy Bank SA