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Bulls are resisting

Bulls are resisting | 23 March 2016

23 March 2016, USD/JPY

Bulls are resisting

The four-hours chart USDJPY. Decrease of volatility of this tools lead to the redrafting of Murrey levels. They have gotten narrow. Now pair locates near the strongest level of system (4/8), so as a main we are considering possibility with pair decrease and retest (2/8) level. This possibility will be canceled if price breaks through (4/8) level. In this case bulls will open way for further correction growth with aim on the daily Supertrend line. Maybe price can rise to (6/8) level from which we can expect sellers activation.

Trading decisions: no

Nikolay Krishtopov
FreshForex Analyst
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