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Expecting the price on the level (4/8)

Expecting the price on the level (4/8) | 12 August 2016

12 August 2016, USD/JPY

The four-hours chart of USDJPY . Retest of the reversal level (1/8) did not bring anything good to sellers. Bulls held this level and pushed the price up well enough. This is a good signal of workout of the reversal pattern, upon which we expect growth to the main support and resistance level 103.13 (4/8). Continuation of the downward movement will again be relevant only on breakdown and consolidation of the pair below (1/8).

Solutions: hold yesterday's buy orders, move stop loss to breakeven. The goal is the same, it is based on the main level of support and resistance 103.13 (4/8)

Nikolay Krishtopov
FreshForex Analyst
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