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Selling from the area 124.14

22 July 2015, USD/JPY

Daily chart: a downward correction has started. The first target - the middle Bollinger band (123.21), but taking into account horizontal envelopes, we can assume that descending phase will become more accentuated and move to the bottom band (121.38) in the middle run

Selling from the area 124.14

Н4: Support is present around 123.81 and it is able to return the price to 124.14, but in general we expect that decline will continue.

Selling from the area 124.14

Н1:We confirm strong resistance on 124.14 and support 123.68

Selling from the area 124.14

Expectations: so, we are considering only sales on growth. If we have correction to 124.14, the best possible option is selling to 123.68 and lower (in the middle run)

Trading decisions:

1) Selling from the area 124.14 to 123.68 and lower.

Aleksey Panasenko
Analyst of «FreshForex» company
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