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USD/JPY - Double Bottom Spotted

The USD/JPY looks to be consolidating after falling to about 107.65. The 4H chart shows a double bottom attempt.

USD/JPY 4H Chart 4/13

(click to enlarge)

The thing is, the technical picture is still bearish in the 4H chart. 1) The moving averages are in bearish alignment. 2) Price is trading under the 200-, 100-, and 50-period SMAs. 3) The RSI is still under 60.

Even if this is a double bottom, I would not chase it right now. I would anticipate a pullback. If there is one, monitor what happens around 108.40-45, the central pivot of the double bottom attempt.

If price falls below 108.40, I would invalidate the double bottom. If price can hold above 108.40, then I would be more convinced of a double bottom attempt, in which case I would anticipate upside towards 110.