USD/JPY: 1-hour
Here’s a double bottom pattern on a yen pair! As you can see on the 1-hour forex chart above, USD/JPY formed a potential reversal pattern with the neckline around the 117.50 minor psychological resistance. An upside break from this area could lead to a rally of around 150 pips, which is roughly the same size as the chart formation. For now, it seems that buyers don’t have enough energy to push for more gains since stochastic is heading south from the overbought zone and price might form another bottom around the 116.00 major psychological support level.
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