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The reversal level (1/8) has been broken

The reversal level (1/8) has been broken | 16 August 2016

16 August 2016, USD/JPY

The four-hours chart of USDJPY . After a brief consolidation, the reversal level (1/8) was broken from top to bottom. Thus, a surge to the main support and resistance level (4/8) was canceled; the reversal pattern was not fulfilled. The basic option is a drop to the main goal at the strong support level (0/8). We can not exclude growth of the pair from current levels, but growth can be considered only as an upward corrective pullback without a great potential, and not as the medium-term reversal

Solutions: none

Nikolay Krishtopov
FreshForex Analyst
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