EUR/JPY is maintaining strength and we are looking at this pair trading higher to recent highs of 134.21. Here we would suggest you cover all longs and attempt shorts looking for a short term double top.
The technical indicators for the short term remain bullish but medium term charts are beginning to turn negative, and this is what we will be looking at over the next few sessions. Once they turn negative we will have more faith in a short position. 133.60/41 would be the area that we would be looking for the market to descend to. If the stochastics turn bearish we will again cover shorts but at the same time we'll be looking to sell back into rallies.
If we exceed the 134.21 resistance—say a break above 134.35—then the double top will have broken and we should see this trade higher with 134.60 then targeted.EUR/JPY Technicals" title="EUR/JPY Technicals" src="https://d1-invdn-com.akamaized.net/content/picf5c9da328c270d2e615832a2b3904ab5.png" height="603" width="959">
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EUR/JPY: Look For Short-Term Double Top
Published 10/21/2013, 03:01 AM
Updated 07/09/2023, 06:32 AM
EUR/JPY: Look For Short-Term Double Top
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