Double Top Pattern Analysis Warning of Bearish Risk
This USD/JPY chart on the 4-hour time frame is depicting a double top pattern, an indicator that warns of a possible bearish reversal after a failed attempt to break a key resistance level.
The price has started to decline from the second top, which could lead to a downtrend towards the nearest support level around 147.76. If this support level fails to hold, USD/JPY could continue to decline towards the next support level around the 147.00 area.
On the chart, the EMAs (34 and 89) are currently crossing each other, with the EMA 34 having crossed below the EMA 89, further reinforcing the possible bearish signal. This also supports the double top scenario that we are observing. You should keep a close eye on the next signals and be ready for the possibility of further price declines if the support levels are broken.
The price has started to decline from the second top, which could lead to a downtrend towards the nearest support level around 147.76. If this support level fails to hold, USD/JPY could continue to decline towards the next support level around the 147.00 area.
On the chart, the EMAs (34 and 89) are currently crossing each other, with the EMA 34 having crossed below the EMA 89, further reinforcing the possible bearish signal. This also supports the double top scenario that we are observing. You should keep a close eye on the next signals and be ready for the possibility of further price declines if the support levels are broken.
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