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Bulls can take the lead

24 May 2016, USD/JPY

Bulls can take the lead

The four-hours chart of USDJPY . Bears pressed through a major support and resistance level from top to bottom. The next local support level lies at the daily line of SuperTrend. In the medium-term the price is still looking up. So from this level we expect reversal and surge of the pair. The medium-term decline can be considered only if bulls manage to break through the strong support formed at the level of (3/8).

Trading solutions: Buy trades can be hold with Stop Loss shifted to breakeven. No new entry points yet.

Nikolay Krishtopov
FreshForex Analyst
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