USD/JPY Possible Double Top Formation
Possible scenario for further bearish pressure if a double top
is formed between 113.777 and 113.910, and if price even get's that far.
A close above would negate a valid double top and send this market
much higher from there.
If the double top is formed, target 112.481 first, and a close below that will
target 111.087/050 below which is at the 1.618 Fibo extension as well as support from Septembre this year.
Entry strategy 1: a conservative approach would be to wait until price closes below 112.481 with stops above
112.820.
Entry strategy 2: an aggressive approach would be when a candle closes below the double top, with stops above 113.910 - 113.777.
Target 112.481 nonetheless first, if choosing the aggressive entry strategy.
Also, keep an eye on the DXY, although it looks like it will continue it's bullish trend, on the daily time frame the stochastic indicator (settings 14,3,3) has not
yet reached the oversold region below.
Happy trading
is formed between 113.777 and 113.910, and if price even get's that far.
A close above would negate a valid double top and send this market
much higher from there.
If the double top is formed, target 112.481 first, and a close below that will
target 111.087/050 below which is at the 1.618 Fibo extension as well as support from Septembre this year.
Entry strategy 1: a conservative approach would be to wait until price closes below 112.481 with stops above
112.820.
Entry strategy 2: an aggressive approach would be when a candle closes below the double top, with stops above 113.910 - 113.777.
Target 112.481 nonetheless first, if choosing the aggressive entry strategy.
Also, keep an eye on the DXY, although it looks like it will continue it's bullish trend, on the daily time frame the stochastic indicator (settings 14,3,3) has not
yet reached the oversold region below.
Happy trading
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