USD/JPY 1H Chart: Double Top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
At the moment, the U.S. Dollar may continue depreciating against the Japanese Yen as the pair has become a subject to a heavy selling pressure after it retreated from a seven-month high that at the same time represents the second peak of a 359-bar long double top pattern. The fact that the 50-hour SMA may fall below the 200-hour SMA before long also adds to the bearish case for USD/JPY. Nevertheless, traders remain strongly bullish on the pair-about 83.12% of all orders are placed to buy the currency couple.
© Dukascopy Bank SA
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