EUR/JPY forming double top

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"We expect Spain to apply for aid and relatively soon, within the next one to three weeks ... This will be a further relief for the euro but it's still not solving the underlying problems of the euro zone."
-SEB (based on Reuters) 

Pair's Outlook
Pair is continuing its rally after bouncing from major (psychological level) at 100. Although technical indicators give rather neutral signals it is likely pair will continue to appreciate and form a double top pattern breaching resistance levels at 101.56, 102.06 and 102.54 on the way.

Traders' Sentiment
Traders are starting to show some clarity on the pair as amount of open short positions increased by 2% and is at 56% gauge today. Distribution of pending orders on the pair suggests a further bearishness in the market as 60% of pending orders on the pair are to sell.

© Dukascopy Bank SA
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Wed, 03 Oct 2012 15:31:14 GMT

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