USD/JPY 1H Chart: Double Top

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A slump to a two-week low of 101.20 provoked a sharp rally of the U.S. Dollar versus the Japan's currency. The following moves of the pair were developing in the labyrinth of a double top pattern of average magnitude and quality.
Currently, the pair is struggling with the downside pressure in an attempt to consolidate above the short-term SMA at 102.32. If the pair manages to remain above the 50-hour SMA it is likely to continue delaying the decline that is supposed to push USD/JPY to the neck-line at 102.01, below which the accelerating depreciation is likely to be in place.
© Dukascopy Bank SA
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