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The price has entered the oversoldness zone

The price has entered the oversoldness zone | 07 April 2016

07 April 2016, USD/JPY

The four-hours chart of USDJPY . Bears continued to pull the price down. As we can see, the price is already storming the main support level (0/8) and this attempt is is quite successful. Typically, in such cases, the price can stop at the level of (-1/8), from it will form correction to the level of (0/8). To resume growth of the pair, bulls need to consolidate above the level (0/8). Given strength of the downtrend, we have a hard time believing it, but potential of sellers is also not endless. It is possible they need a break, too.

Trading solutions: No

Nikolay Krishtopov
FreshForex Analyst
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