Potential Double Top in Eur/Jpy cross

Discussion in 'Forex' started by TradeTheNews, Jan 24, 2007.

  1. TradeTheNews

    TradeTheNews ET Sponsor

    Trading on Jan 24th is beginnig to look like some profit-taking in Yen carry trades.

    The Euro-Yen cross has a potential "Double-Top" formation with the neckline at 153.50.

    The measured move of this potential chart pattern is 149.50 (Determined by subtracting 158 top less 153.50 neckline value)

    The cross is currently above 157 at the time of this writing, but the price action below 158 has warranted this potential correction. Additional downside momentum is generated below 156.50 level.

    See attachment for chart perspective
  2. Was there some statement about eur/jpy strength out of europe?
  3. TradeTheNews

    TradeTheNews ET Sponsor

    At 10:16 ET TTN broadcasted and posted:

    USD/JPY: Source tells a major wire that Europe is to seek stronger message on weak Yen at 67 meeting
    - pair falls pips on the report