USD/JPY potential double top signals bearish momentum
|Today’s trade ideas
A potential double top forming in USDJPY 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 dollar 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 AUDCHF 5 month sideways move I think it is worth a short at the Fibonacci & 5 month trend line resistance at 5820/40.
NZDCAD breaks out of the 11 month bear trend to the upside - I have today support at 8270/40. Longs need stops below 8240.
Short term targets: 8300, 8330, 8350.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.