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Expecting the price on the level (4/8)

Expecting the price on the level (4/8) | 08 August 2016

08 August 2016, USD/JPY

The four-hours chart of USDJPY . After another retest of the reversal level (1/8), the pair bounced up heavily, breaking the local resistance area formed by the four-hours SuperTrend line and the intermediate resistance level (2/8). This breakthrough has proved the reversal pattern and canceled a drop. Target of the pattern is always the major support and resistance level (4/8). Therefore, after a small correction we expect a new upward wave and reach of the above mentioned goals

Trading solutions: Buy from the four-hours SuperTrend line 101.35

Nikolay Krishtopov
FreshForex Analyst
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