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Looking for sell signals on 115.50 and 116.31 levels

10 February 2016, USD/JPY

Daily chart: aggressive ADX support bears progress.

Looking for sell signals on 115.50 and 116.31 levels

Н4: correction to middle Bollinger line (116.31) is possible. In this point new down wave could appear.

Looking for sell signals on 115.50 and 116.31 levels

Н1: local resistance is on upper Bollinger band (115.50). If this resistance doesn’t hold buyers line could increase to 116.31 (Look at the black pointer). Support line is on 114.42 (bottom line)

Looking for sell signals on 115.50 and 116.31 levels

Expectation:

Main possibility: - grow to 115.50 and then decrease to 114.42

Alternative possibility: - breakthrough upper 115.50 and rise to 116.31.

Trading decisions: looking for sell signals on 115.50 and 116.31. Aim is 114.42.

Aleksey Panasenko
Analyst of «FreshForex» company
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