USD/JPY 4H Chart: Double Top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a period of strong US dollar's appreciation against the Japanese yen, the currency pair took a pause and is trading sideways since the middle of November. As a result, the double top pattern emerged on a four-hour chart. The pair is still trading above the valley between two tops and below any of these highs. There is a possibility that the USD/JPY will try to form a third top, taking into account the fact that all major pivot points remain above the current trading level. Therefore, in the short-term the Greenback is likely to lose value, as predicted by near-term technical studies. In a long run, however, we expect the pair to rise, along with weekly technical indicators and 58% of market participants.
© Dukascopy Bank SA
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