USD/JPY 1H Chart: Double Top

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A classical reverse pattern has been formed by the Dollar/Yen cross in the one-hour chart. We are already observing lower trading volume, meaning demand for the pair is diminishing. Pattern is a high-quality and magnitude one, thus we should expect the sell-off to commence in the nearest future. This scenario is forecasted by short and medium term technical indicators, as well as by 75% of SWFX market participants. The price has just consolidated below the weekly PP at 122.86, and this fact exposes the next weekly support at 122.16, which is guarding the trend-line. Any drop beyond 122 can eventually drive the pair in the direction of the current November low at 120.26.
© Dukascopy Bank SA
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