EUR/JPY Has Formed a Double Top

EUR/JPY has been gradually moving to the upside for the past few weeks, but that movement appears to have finally ended, because the pair formed a pair of very telling signals for an impending reversal. Namely, EUR/JPY reached the resistance at 125.80 and tested that level twice over the course of several days, forming a clear double top. What is more, the pair has also formed an obvious doji candlestick on the weekly time-frame. Currently the pair is testing the support at 124.15 and considering those signals for a move to the downside it will likely break out below that level. If it does, the closest target is the previous low at 122.55. A breakout below that level will probably lead to a further move to the downside towards 121.20, which is the (MA)89 indicator on the daily time-frame.