USDJPY - Double Top = Lower Prices Ahead
Most of us waited to see if the 118.50 area would hold last night and it did. I grabbed a few pips on the ride down, but after taking a closer look I wish I was still in my short position.
JPY pairs love double tops and bottoms. The formation of a double top or bottom usually signals a strong (longer term) move. In this case, to the downside. If you are in a UJ short, you might want to let is ride a bit. If you want to get in, wait for a nice pull-back to the upside before entering. JPY pairs are also notoriously choppy.
For now, I'll take solace in my 83 pips and kick myself later when the UJ gets near 112.00. /cry
JPY pairs love double tops and bottoms. The formation of a double top or bottom usually signals a strong (longer term) move. In this case, to the downside. If you are in a UJ short, you might want to let is ride a bit. If you want to get in, wait for a nice pull-back to the upside before entering. JPY pairs are also notoriously choppy.
For now, I'll take solace in my 83 pips and kick myself later when the UJ gets near 112.00. /cry
