USDJPY → Double top on the background of the uptrend

24 Agu 2023

USDJPY continues to form an ascending price channel. After breaking one of the resistance lines, the price is forming a pattern that could weaken the price during the DXY stop.

On the chart, I have marked two levels that are quite close to each other. Pay attention to the levels 145.06 and 144.9. The price forms a correction after the formation of a double top reversal pattern, to realize the pattern the price needs to wait for confirmation (breakout of the base of the pattern).
If the price returns above the level of 145.06 and forms consolidation of the price above the level, then in the short term the currency pair may update the local maximum and test the trend resistance
If the price breaks the support at 144.9 and forms consolidation below the level, we will see a fall to the support zone.

Resistance levels: 145.06, 145.515
Support levels: 144.9, 144.59
Consolidation near these levels in the short term will determine the future direction, our task is to follow the price reaction to these key points.

Regards R. Linda!