USDJPY : Forming a double top pattern?
Hello, beloved traders! Are you intrigued by where USDJPY might head today?
In the initial trading hours of this Friday, the USDJPY pair gently dips, pausing its recent rally as it encounters the towering heights of record levels. The Japanese Yen climbs following Japan's consumer inflation data release, adding a layer of intrigue around the Bank of Japan's future policy moves, which might dampen any further bullish sentiment. A modest retreat in the US Dollar introduces some pressure, though the downside remains contained for now.
Looking forward: The charts whisper tales of a developing double top pattern. In this scenario, we lean towards a SELL strategy, aiming for targets at 150.70 followed by 149.21.
In the initial trading hours of this Friday, the USDJPY pair gently dips, pausing its recent rally as it encounters the towering heights of record levels. The Japanese Yen climbs following Japan's consumer inflation data release, adding a layer of intrigue around the Bank of Japan's future policy moves, which might dampen any further bullish sentiment. A modest retreat in the US Dollar introduces some pressure, though the downside remains contained for now.
Looking forward: The charts whisper tales of a developing double top pattern. In this scenario, we lean towards a SELL strategy, aiming for targets at 150.70 followed by 149.21.
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