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A third approach to (2/8) is expected

A third approach to (2/8) is expected | 28 April 2016

28 April 2016, USD/JPY

A third approach to (2/8) is expected

The four-hours chart of USDJPY . For the second time, the price had tested the reversal level (7/8) and bounced off it down, thereby having fulfilled a reversal pattern, as the price reached a level (4/8). Currently the pair is trying to gain a foothold below the level (4/8). Apparently, it will succeed and in the near future we will see a further decline. The next target here will be the level (2/8). With regard to growth, the probability of development of a new upward wave is very low. We at least need to see a return of the price above the level (4/8) and consolidation above it.

Trading solutions: sales from the level (4/8)

Nikolay Krishtopov
FreshForex Analyst
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