As the week comes to an end, the USDJPY fell sharply and in the process tested the low from early November at 149.175. The low reached 149.192 before bouncing. The price is trading at 149.74.
The double bottom mirrors the double top from the high this week (on Monday). That high was reached on Monday and tested the high going back to 2022. A move above would have taken the USDJPY to the highest level in 32 years. It was “not meant to be”, and set the high for now.
So at the high and low extremes this week, sellers and buyers leaned and formed double tops and bottoms.
What next? What needs to be done to increase the bearish bias or give buyers more control? Find out, in this video.
This article was written by Greg Michalowski at www.forexlive.com. Source