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Reached the strongest level in the system

Reached the strongest level in the system | 31 August 2016

31 August 2016, USD/JPY

The four-hours chart of USDJPY. The price has reached the goal at the top level of support and resistance (4/8). It is the strongest level in the system, which is extremely rarely passed at the first try. Therefore, the basic option for today is a local correctional downward pullback. The nearest goal is the four-hours SuperTrend line. The downward movement will be enabled only by breakdown and consolidation below this level. The alternative option is a breakthrough and consolidation above (4/8) and continuation of the upward movement

Trading solutions: Sell from current levels with a Stop Loss set at a local High, the nearest goal is 102.54, whereas the medium-term target is 101.56 (2/8).

Nikolay Krishtopov
FreshForex Analyst
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