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The price has gained a foothold in oversoldness area

The price has gained a foothold in oversoldness area | 14 June 2016

14 June 2016, USD/JPY

The four-hour chart of USDJPY. Bears drove the pair to oversoldness and continued to hold it there. There is a very good potential of a deeper drop. The first target is (-1/8), from which we can see a pullback and retest of the level (0/8). The medium-term goal is (-2/8), the pair is likely to reach it. Growth of the pair is not a relevant plan, it can be considered only after consolidation above (0/8).

Trading solutions: sell from the four-hours SuperTrend line 106.49 with the nearest goal 105.47 (-1/8)

Nikolay Krishtopov
FreshForex Analyst
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