EUR/JPY 1H Chart: Double Top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A dip to a three-month low of 137.98 in the very end of May gave EUR/JPY an impulse for a climb. After a two-week rally the pair performed two consecutive jumps to a one-month high of 139.97; in other words, the instrument shaped a double top pattern.
Now the pair is in the down-trend and is likely to extend losses in the hours to come given a recent dive below the neck-line at 139.56. Meanwhile, the SWFX data shows a moderate bearishness on the market-about 56% of all orders are placed to sell the pair. Technical indicators also point to a possible decline in the short-term.
© Dukascopy Bank SA
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