Forex analytics and overview

USD/JPY: Double Top or Continuation?

08/21/2023

Less than a minute

2023.08.21 10:04

Scott Barkley

The is currently trading at 146.03 within a channel. There is a convergence happening, and if we can break through the double top, we may see a continuation to the 1.618 Fibo at 147.28. However, a double top could also result in a reversal. It’s essential to keep an eye on the USDX to determine the direction. The average daily true range (ATR) for this pair is 111 pips per day, while its 90-day average is 126 pips per day. Currently, the USDX is on a downward trend.

USDJPY –Double top or continuation

08/21/2023

Less than a minute

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