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Waiting for correction

28 May 2015, USD/JPY

Waiting for correction

4 hours’ chart of USDJPY. The pair quite easily managed to overcome the point (6/8) and get consolidated above it. Currently, the most important things are the stop and quite a prompt bounce of the price from reversal level (7/8). Talking about reversal pattern is too early, cause we don't have the price consolidated above 4 hours’ Super trend line yet. But, taking into account a general picture, we can expect a correctional pullback of the price to 4 hours’ Super trend line. Our further expectations depend on how the price reacts to this suppot level .

Nikolay Krishtopov
FreshForex Analyst
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