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Bears do not give up

23 May 2016, USD/JPY

The four-hours chart of USDJPY . Bulls failed to drag the price to the resistance at the level of (6/8). Bears had run a counter-attack. As a result, they managed to push the local levels of support and calm bulls down. Nevertheless, the price is close enough to a very strong level of support (4/8). It is the strongest level in the system, from which we are waiting for resumption of the upward movement. As for the outlook of downward movement, as long as the price is above the strong support area (3/8), we can not discuss a downward reversal.

Trading solutions: you can keep buy trades. As for the new entry points, look from the level of 109.38 (4/8).

Nikolay Krishtopov
FreshForex Analyst
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