As seen on chart H4 the pair USDJPY formed a Double Top formation. Recent Highs from December 15 and January 3 are nearly equal  (118,66-118,60). The DT formation is very often a signal of trend changing . Today was also broken a important support level 116,00. If this level now as a resistance will stop USDJPY from growing ,we can expect  some more declines even to 113.35.

USDJPY- Double Top can signal changing in trend direction
USDJPY- Double Top can signal changing of trend direction

Of course we need to remember about tomorrows macro events –Unemployment data and Non Farm Payrolls in USA ,which will be reported at  14:30 (GMT+1)  and can change a lot on the market especially in pairs connected with USD.


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Since 2010, he has been actively involved in the Forex market up to now. He is a supporter of Price Action and using as few indicators as possible. He believes that the simplicity of the system and consistency in its application is the best way to success in financial markets, and lack of patience is the most frequent cause of failure. Interested in classical systems based on Technical Analysis and in psychology - mechanisms that guide human behavior and conditioning decision making in trading.