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Reversal on the main level of resistance (8/8)

Reversal on the main level of resistance (8/8) | 26 July 2016

26 July 2016, USD/JPY

The four-hours chart of USDJPY . Bears failed to gain a foothold in the overboughtness zone and, as a result, we have seen a downward reversal. To date, the price moved to the local level of support (5/8), from which we can expect an upward rebound. But, because the two resistance levels - (6/8) and the four-hours SuperTrend line - are close, the correction is unlikely to have a great potential. Medium-term plan is decline of the pair.

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Nikolay Krishtopov
FreshForex Analyst
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