USD/JPY 1H Chart: Double Top

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar has again been stagnating against the Japanese Yen, this time since the middle of July. Before that, this currency pair managed to show somewhat higher levels of volatility. Therefore, the pair formed a double top pattern, which can become a rectangle in the long-term. For this scenario to be affirmed, USD/JPY is required to violate the support at 123.83 (weekly PP; 200-hour SMA), which is currently being tested. On the other hand, daily technical indicators have another opinion on the matter, as they see a positive reversal in the pair's trend in the next 24 hours. Additionally, market sentiment remains strongly bullish towards the Buck at the moment (73%).

© Dukascopy Bank SA
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