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Despite a pullback, bulls still have a chance

11 May 2016, USD/JPY

The four-hours chart of USDJPY . Bulls managed to drag the price down to the target - the main level of support and resistance (4/8). As you can see, from this level the price has rebounded down. Bulls can seize the initiative on the Supertrend Day line again. Only breakdown of this support would enable a drop.

Trading solutions: Close all purchases at (4/8), which yesterday served as the target. Now we should look for the entry points on the Day Supertrend line

Nikolay Krishtopov
FreshForex Analyst
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