EUR/JPY: Double Top in Place – What’s Next?

Bearish:  Yesterday we looked for the bounce up and we got it.  Today we are looking to start the journey down. We are currently @ 165.00 after putting in a double top with divergence in play.  We are looking to break slope support and  continue to the ATR target @ 164.09  with a further 1.618 Fibo target @ 163.75  area.   Watch the USDX for direction. The average daily true range (ATR) for the pair is  121 pips per day and it’s 90 day average is 125 pips per day. USDX is starting up.EURJPY – double top in place

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