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The price has reversed at the point (7/8)

21 May 2015, USD/JPY

The price has reversed at the point (7/8)

4 hours’ chart of USDJPY. The price has bounced from reverse level (7/8), which is a rather strong sign of reversal. Usually, in these cases main level of support and resistance (4/8) perform as target. If the price breakes the level (7/8), the above-mention plan will fail and we will expect a further growth with the next target based on main level of resistance (8/8).

Nikolay Krishtopov
FreshForex Analyst
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