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A good chance to enter along the trend

A good chance to enter along the trend | 27 July 2016

27 July 2016, USD/JPY

The four-hours chart of USDJPY . Bulls managed to perform quite well during correction, but nothing more than that. They failed to break (8/8) the key resistance level. We see a rebound from this level; therefore, decline of the pair is the main option. The nearest goal here is the intermediate level of support (6/8). But with the account of reversal in the overboughtness zone, the medium-term goals here can be the major support / resistance level (4/8) and in the long term, the main level of support (0/8)

Trading solutions: sell from current levels. The nearest goal is 104.69 (6/8), if the price reaches this goal, it is better to not to close a trade immediately.

Nikolay Krishtopov
FreshForex Analyst
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