EUR/JPY 1H Chart: Double Top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A short, only 75-bar long, double top pattern was formed by EUR/JPY on November 13. The currency pair has already touched the peak lying at a one-month high twice and retreated to the pattern's support zone at 134.79. Despite being supposed to decline after a dive below the pattern's support siting at 134.79, the currency pair reversed its trend to the north and is expected to extend gains in future as market participants are betting on the appreciation in 62.89% of cases. At the same time, technical indicators gainsay traders' sentiment, urging of a possible decline before long.
© Dukascopy Bank SA
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Tue, 19 Nov 2013 13:18:06 GMT

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