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The level (1/8) is holding the price

The level (1/8) is holding the price | 15 August 2016

15 August 2016, USD/JPY

The four-hours chart of USDJPY. The pair has got back down again and did not reach the target at the main level of support and resistance (4/8). But it is still above the reversal level (1/8), from which it rebounded earlier. Therefore, growth is the main plan. The goal is still 103.13 (4/8). This option will be canceled only by a breakdown and condolidation of the price below 100.78 (1/8). On such a scenario we expect the price at a local Low, which is based at the main level of support 100.00 (0/8).

Solutions: The previous order was closed by break-even, we'll try to enter into Long positions once again at current prices. The goal is 103.13 (4/8).

Nikolay Krishtopov
FreshForex Analyst
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