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Looking to buy on downward pullbacks

29 January 2016, USD/JPY

Daily chart: strong resistance around zone 120.23 (the upper Bollinger Band), support is 118.32 (middle band).

Looking to buy on downward pullbacks

Н4: here is northern dynamics of the pair on the background of news from Japan.

Looking to buy on downward pullbacks

Н1: overboughtness plus weakness of ADX make the probability of a downward rollback toward the middle Bollinger band (118.96) high

Looking to buy on downward pullbacks

Expectations: So, in general, we expect growth of the pair to 121.15, but also expect a pullback to the zone 119.00-119.35

Trading solutions: buy in case of a rollback to the zone 119.00- 119.35 with a view to 121.15

Aleksey Panasenko
FreshForex Analyst
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