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Expecting the price on the level (1/8)

Expecting the price on the level (1/8) | 05 July 2016

05 July 2016, USD/JPY

The four-hours chart of USDJPY . Bulls did not manage to keep the price above the four-hours Supertrend Line. Nevertheless, it is too early to talk about resumption of the downward movement because we there is quite a strong level of support formed on the reversal level (1/8). As long as price is above this level, growth of the pair is the main option. Just after break and consolidation of the prices below this level, drop will become the main option.

Solutions: buy from 101.56 (1/8). The nearest goal is 103.13 (2/8)

Nikolay Krishtopov
FreshForex Analyst
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