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Sales are possible around 122.26-122.60

08 July 2015, USD/JPY

Daily chart : there is an attempt to break the bottom Bollinger envelope, but ADX parameter is not sufficient. So, even in case of a successful attack made by bears, the price is likely to return to the middle Bollinger band (123.12) and only after that we can expect a full descending wave.

Sales are possible around 122.26-122.60

Н4: it also shows a breakthrough of the bottom Bollinger envelope. Resistance from the middle Bollinger band 122.60

Sales are possible around 122.26-122.60

Н1: also have a broken envelope. Resistance is better shaped - 122.26.

Sales are possible around 122.26-122.60

Expectations: pullback to 122.26-122.60 and sell expecting a middle-term decline.

Trading decision:

1) Sales are possible around 122.26-122.60

Aleksey Panasenko
Analyst of «FreshForex» company
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