Inside technicals and chart patterns by 
I’ve been scanning the cross-rates today which is something that I don’t do daily as most of my active forex trading are dollar-correlated pairs.
Since the dollar is range-bound and even moving with the crude oil market due to independent, major news in each I thought the timing was right. You can read more about the current state of my dollar-correlated trading here and also learn about when I look to stop trading and what the clues are right now.
In the meanwhile, let’s keep an eye on the 15 minute EUR/JPY as we close in on the Asian session open.
The trend is up and the play I am interested in is the short. Why? Because the EUR/JPY has a double top at 161.52. Ofcourse a breakout/continuation is certainly a valid entry but a reversal short with the ceiling overhead and the "50" pip psychological level would be moving with the larger trend.
Remember though that a trending pattern has three possible entries: reversal, trend follow, and breakout. Don’t ignore that the trend continuation also can be played with a swing off the top lines of the Wave at 161.20.
- Raghee