Forex analytics and overview
USD/JPY: Potential Double Top Signals Bearish Momentum
2023.11.22 04:57
Today’s Trade Ideas:
A potential double top forming in after last week’s rejection of the 2022 high at 151.94.
If this starts to play out we could fall as far as 140.00 in the coming weeks. It would be great for traders to be able to take advantage of some downside momentum in the pair.
Especially when I could show you so many pairs in sideways trends but I will not waste your time again this week.
So it remains so difficult to find low-risk opportunities.
However, despite the 5-month sideways move I think it is worth a short at the Fibonacci and 5-month trend line resistance at 5820/40.
breaks out of the 11-month bear trend to the upside – I have today’s support at 8270/40. Longs need stops below 8240.
Short-term targets: 8300, 8330, 8350.
