Storming the intermediate level of resistance

12 July 2016, USD/JPY

The four-hours chart of USDJPY . By holding the major support level (0/8), bulls had run a good counterattack. But, so far it can not be called successful for the simple reason that the breakthrough the resistance level (2/8) has failed. The current growth is nothing but a correction. Only in case of breakdown and consolidation of the pair above (2/8), we can talk about a strategic success of bulls. Therefore, at the moment we expect a small corrective pullback below the resistance level (2/8), and new attempts of buyers to cross 103.13 (2/8).

Trading solutions: no

Nikolay Krishtopov
FreshForex Analyst
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