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The price has failed to consolidate above (2/8)

The price has failed to consolidate above (2/8) | 29 August 2016

29 August 2016, USD/JPY

The four-hours chart of USDJPY. Target on the intermediate level of resistance (2/8) has been reached. Moreover,buyers managed to break through the level from bottom to top, thereby having strengthened their position and increased chances of a resumption of the upward movement. From current positions we can expect a downward rollback to (2/8). After retest of (2/8) on the back side, bulls must take the initiative again if they continue their attack.

Trading solutions: settled at 101.56 (2/8) in your Buy trades. Now, with retest of the same level, you can try to buy with a view to (4/8).

Nikolay Krishtopov
FreshForex Analyst
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