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Bears have changed the situation

07 September 2016, USD/JPY

USD/JPY: bears have changed the situation

The four-hours chart USDJPY. Bulls couldn’t hold price above the main support/ resistance level (4/8). The price has turned back on the weekly Supertrend line. As a result, the pair made a downward pullback. Local support is (2/8). From it we can expect a correctional pullback to the four-hours Supertrend line. But the level (2/8) couldn’t hold price for a long time, so in the medium- term we expect the price on the main level of support (0/8).

Trading decisions: sell from the four-hours Supertrend line 102.11 with the goal on main support level 100.00 (0/8).

Nikolay Krishtopov
FreshForex Analyst
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