USD/JPY Double Top Resistance | Vantage FX

USD/JPY Double Top Resistance

July 12, 2017

Good morning traders.

With EUR/USD breaking out of channel resistance and reeking havoc on our shorts, this bout of risk trading does offer alternate opportunity over on USD/JPY.

Take a look at the 4 hourly chart below:

USD/JPY 4 Hourly:
170712_usdjpy_4hourly
Click on chart to see a larger view.

As I mentioned above, with resistance on EUR/USD breaking out, we’ve seen USD/JPY’s hold, and markets get back into correctly correlated sync with one another.

You can see the 4 hourly double top forming and price subsequently being rejected from the second touch of the level.

Zoom into the 15 minute chart…

USD/JPY 15 Minute:
170712_usdjpy_15minute
Click on chart to see a larger view.

…and you can see that price is putting in the familiar stepping down pattern that we like to see intraday.

Let us know how you intend to trade USD/JPY from here.

Best of probabilities to you.

Dane Williams – @VantageFX

Risk Disclosure: In addition to the website disclaimer below, the material on this page prepared by forex broker, Vantage FX Pty Ltd does not contain a record of our prices or solicitation to trade. All opinions, news, research, tools, prices or other information is provided as general market commentary and marketing communication – not as investment advice. Consequently, any person acting on it does so entirely at their own risk. The expert writers express their personal opinions and will not assume any responsibility whatsoever for the Forex account of the reader. We always aim for maximum accuracy and timeliness, and Vantage FX shall not be liable for any loss or damage, consequential or otherwise, which may arise from the use or reliance on this service and its content, inaccurate information or typos. No representation is being made that any results discussed within the report will be achieved, and past performance is not indicative of future performance.

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