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I spy a potential double top in EUR/JPY

By   || March 17, 2010 at 19:27 GMT
|| 3 comments || Add comment

Since stalling at 125.07 this morning in London, EUR/JPY has had the potential to form a double top with the prior high at 125.21. A break below the low between the two peaks which comes in at 123.24 is the trigger point. A break of that level implies a decline of roughly two-JPY to come, on a measured-move basis. Stops from short-term players lie just below the 123.80 level, traders report.

3-17 eurjpy

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Category: All, Americas, Mkt Talk, Regions
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3 Responses to “I spy a potential double top in EUR/JPY”

  1. Trading Nymph on March 17th, 2010 19:43 GMT

    Jamie, Do traders use this pair as a tell for export/import action?

  2. lilac on March 17th, 2010 20:17 GMT

    Lerve the chart overhaul – thanks Jamie.
    Fwiw it has stalled twice so far at the 61.8 fibbie retrace of this week’s 123.20 to 125 rallyette.

  3. thomasio on March 17th, 2010 22:17 GMT

    I think this might be the case in EURJPY … GBPJPY has hit major resistance @ 139.2 and UJ has been ranging in a slim zone far too long … UJ should dip down to pick up support/buyers from lower levels, and GBPJPY’s ready to retest 137.2 at least

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