USDJPY: Double Top in play?
Updated
USDJPY continues its sideways formation and our yesterday's idea for a potential H&S pattern didn't came through.
Now a double top formation seems to be unfolding. Risk reward for this trade is good, so we try SELL orders at current levels, targeting the base of the formation. Stops could be set above 114.55... We keep the positions small as we have not yet received any reversal candle for confirmation.
Now a double top formation seems to be unfolding. Risk reward for this trade is good, so we try SELL orders at current levels, targeting the base of the formation. Stops could be set above 114.55... We keep the positions small as we have not yet received any reversal candle for confirmation.
Comment
The first reversal signs are present and now we need confirmation from the downward break of 114.10.As we can see in the 5min HA chart that follows, a smaller double top has been formed in the 5 min chart. Below 114.10 the next critical support is the 113.80-90 area.
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