USD/JPY, Technical Analysis – H4
The pair continues to face the threat of a substantial decline. A “Double Top” pattern has formed, partially confirmed by bearish momentum.
The pair continues to face the threat of a substantial decline. A “Double Top” pattern has formed, partially confirmed by bearish momentum originating from the 160,500 level. The medium-term downside potential is approximately 400 pips, with the move possibly extending as low as 156,500.
Key Levels:
□ 160,500 (double top resistance)
□ 159,400 (first downside target)
□ 158,000 (second downside target)
□ 156,500 (medium-term target)
Primary Scenario:
Decline from the 160,500 zone, with initial targets at 159,400 and 158,000.
Alternative Scenario:
Continued consolidation around the 160,500 level.
Analyst Commentary:
High probability of the primary scenario playing out.
Nikolai Krishtopov is a Market Analyst at Investizo with more than 15 years of experience in the financial markets industry and over a decade of trading experience. His areas of focus include forex and crypto markets, technical analysis, intraday trading and market behaviour.