USD/JPY 4H Chart: Double Top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Last time we have discussed the USD/JPY cross last week, and since then just a little has changed. The pair is still hovering inside the boundaries of the double top pattern, namely below any of two highs and above the valley between them. At the same time, the general trend tends to be rather negative for the US dollar. It is possible that we may see a strong recovery of the Japanese yen, as assumed by short and medium-term technical studies. Five out of eight indicators of the former  time-frame are giving bearish signals, as they are fuelled by a complete absence of bullish signs. Market participants, however, are remaining optimistic, by holding 59% of all opened positions as long ones.
© Dukascopy Bank SA
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