USD/JPY pulls back after 100.00-area double-top

<p>April 26, 2013 – USD/JPY (daily chart) has pulled back significantly during early session trading on Friday, after having hit an approximate double-top pattern just […]</p>

April 26, 2013 – USD/JPY (daily chart) has pulled back significantly during early session trading on Friday, after having hit an approximate double-top pattern just short of its key 100.00 resistance target. The first top was hit two weeks ago with a high around 99.94, while the second top was established early this week with a high at 99.87. The trough between these two tops resides around the 95.75 low, established early last week. Since the second top was established just a few days ago, the price has retreated to dip below the key 98.00 support level. Further bearish momentum going into next week could create a deeper bearish correction with major support around the 95.00 level. To the upside, the primary bullish event to watch out for after the current correction would be a breakout above the 100.00 double-top, which would confirm an uptrend continuation and potentially target the 103.00 upside resistance level.

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