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The outlook for bulls are vague

21 March 2016, USD/JPY

The four-hours chart of USD JPY. For the third time, the pair is proof-testing the level (-1/8). Bears are trying to retain this level with their last strength. But meanwhile it is hard to believe they will be able to do it for long. Let me remind you that the price is still in the oversoldness zone and until the price is held below the level of (0/8), the outlook for bulls are vague. Continuation of the downward movement is still the main plan. The target is the level (-2/8), on reaching this level Murrey levels will be redrfted.

Trading solutions: Sales from the four-hours SuperTrend line

Nikolay Krishtopov
FreshForex Analyst
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