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The price has stuck in the horizontal channel

16 May 2016, USD/JPY

The four-hours chart of USDJPY . A third approach to the main support and resistance level (4/8) did not bring positive results to bulls. Price has bounced off this level thereby having formed a rather narrow flat with the borders from the SuperTrend Day line to the level of (4/8). Given the fact that the price has been staying within this range quite a long time and that range is quite narrow, in the near future we expect the price to leave this consolidation. The priority is the upward direction.

Trading solutions: Keep buying from the SuperTrend Day Line with the stop Loss moved to breakeven

Nikolay Krishtopov
FreshForex Analyst
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