The USD/JPY has posted a Double Top on the 60 min charts. Now as we know we are drastically overbought on the daily charts, but not the 60 min ones. All we have on these is this Double Top. So, we need to keep our eyes on this.
If early in the session we fail to break and hold above 10260 we will find sellers searching for a good place to re-enter. Our Daily Pivot is at 10239 and below here we will see further selling pressure with 10180 looking to entice.
Possibly we will see sellers look to cover shorts to here. Attempt very small longs looking for a correction back to the break pint of 10239.
Now, if we are to see a greater move lower we will not be able to hold 10180. Failure to do so will result in sellers coming back into the market and trying to drive us lower. Our first stop would be the 38.2 Med Term Fibonacci which is located at 10045.
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USD/JPY: Posted A Double Top
Published 12/02/2013, 02:37 AM
Updated 07/09/2023, 06:32 AM
USD/JPY: Posted A Double Top
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