EUR/JPY 1H Chart: Double Top

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/JPY has just broken through the neck-line of the double top, and our outlook is therefore bearish. The negative bias is also reinforced by the fact that the hourly and four-hour indicators are mostly pointing south. The initial support is at 137.69, represented by the weekly pivot point, but the sell-off is likely to extend further, down to the long-term moving average at 137.24. In case the bears keep pushing the price even lower, the following targets would be 136.51 and 135.74. The SWFX market participants however, seem to be undecided with respect to the exchange rate's future, being that 46% are currently long and 54% are short the Euro.
© Dukascopy Bank SA
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