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EUR/JPY Completes a Double Top

The EUR/JPY stalled at 138.85 this week, and completed a double top today (8/14). The 4H chart shows the topping action and a strong bearish candle that completed the double top.

EUR/JPY 4H Chart 8/14
(Click to enlarge)

Now, we can see that price action has been bullish since  at least mid-July around 133.96, so don't get too excited about the double top. I would limit my bearish outlook to the 137.34 area. Also, I would prefer to see a pullback that fails to break some intra-session pivot. 

When we look at the 15-minute chart, we can see the anatomy of the breakout swing that made up the 4H red candle above. 

EUR/JPY 15-minute Chart 8/14
(click to enlarge)

When we look at the 15-minute chart, we can see that there is a slight pullback. Now, if the bearish breakout is to extend further in the next couple of sessions, we should see resistance in the 138.30-138.40 area, which involves a previous support and a falling trendline. However, if price breaks above 138.60, we should assess today's double top as a false top. A false top during an uptrend can translate into a bullish outlook at least in the short-term.