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Level (8/8) not able to hold price in overboughtness

09 June 2015, USD/JPY

Level (8/8) not able to hold price in overboughtness

4 hours’ chart of USDJPY. The level (8/8) not able to hold price in overboughtness. This strong signal speaks not only for a strong correctional pullback, but also for a reversal of ascending trend in general. As of now, we are waiting for a correction to the intermediate level of support (6/8). Further direction of the price depends on how it tests this level.

Nikolay Krishtopov
FreshForex Analyst
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