USD/JPY 1H Chart: Double Bottom

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After reaching a high of 100.45 USD/JPY was subject to a strong bearish impulse that pushed the price down to a low of 97.63. There the currency pair started a surge that has eventually hit a ceiling at 98.40. As a result, the price has formed two valleys that could potentially be a part of the double bottom pattern. However, the troughs do not appear to be distinct, a fact that decreases the likelihood of the formation playing out as intended. In fact, the technical indicators also do not favour increased activity, giving contradicting signals. Still, if the neckline at 98.40 is breached, the pair will confirm its bullish intentions.
© Dukascopy Bank SA
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