USD/JPY 1H Chart: Double Top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Earlier we have examined a channel down pattern formed by USD/JPY but today we will focus on another pattern, double top, shaped by the same currency couple. The pattern originated at a nine-week low of 100.75 and took the pair to a one-week high of 102.69, the level which acts as a peak of the pattern.
At the moment, the U.S. Dollar is losing ground against its Asian peer and is likely to extend the downswing in the hours to come given that the pair commenced a retreat from the second peak that usually pushes the instrument towards the neck-line. However, market players do not expect a breakout in to happen, being bullish in 75.10% of cases.
© Dukascopy Bank SA
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