Short

EURJPY completing a double top pattern

Updated

EURJPY Completing a double top pattern, thanks to ECB by cutting back its scheme designed to boost the economies of the eurozone. The ECB halve the amount of assets purchases from 60 billion euros to 30 billion euros for another 9 months. This decision has led to a sell off of the euro against its major counterparts and one of the biggest gainer is the yen which is at the break of support of double top formation. As the bears mount pressure and close below 131.82 will lead to expose 129 region then to 128.

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Note

After four attempts to take out the support level, it seems the bears are not yet ready to follow through but we still wait and see whether they will wake up from slumber to close below support 131.82.

A close below and retest of the support as resistance if it holds would see the pair nose diving. As it stands we still wait and see what happens at NY close

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