USD/JPY Technical Analysis: Potential double top on the short duration chart

• The pair has breached a key ascending trendline, so a pullback could be on the cards.
• The pair could be forming a double top bearish reversal pattern with a neckline support at 109.42.
• A break below 109.42 would allow a drop to 109.10 - target as per the measured height method.

15-minute chart

Spot Rate: 109.62

Daily High: 109.77

Daily Low: 109.45

Trend: Bearish

Resistance

R1: 109.77 (session high)

R2: 110.17 (200-day moving average)

R3: 110.48 (Feb. 2 high)

Support

S1: 109.42 (double top neckline)

S2: 108.82 (38.2% Fib R of 104.63-111.40)

S3: 108.53 (rising/bullish 50-day moving average)