BitterSweetMarkets

The JPY/BGN currency pair are at a critical level (area)...

FX_IDC:JPYBGN   YEN / BULGARIAN LEV
7 0 2
The 0.01530 level (area) is critical, the first red arrow shows the market respecting this level during June 2013, April 2015 the same story although we are now in an uptrend and the weekly trendline support (blue line) clearly shows this. But what's interesting is the behavior during February of 2016 as this level is tested once again. Inside the green shaded circle we can clearly see a breakout, however the first week shows an inverted umbrella candle otherwise known as a gravestone doji.Suggesting perhaps the bears resurfaced during the week to regain control. If more downside is the case then the green circle would be the area where stops would have been taken out, as sellers placed there orders around the 01530 area. Its also common for this circled area to be the appearance of a premature breakout, and a re-test of the trendline support will give a clearer indication of where this market is going. A break below is a sell signal, whereas a break above the highs of Feb would be a buy signal.
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