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Expecting drop to 111.54

31 March 2016, USD/JPY

Daily chart: The pair continues to stay within horizontal range of 111.54-114.40. ADX is passive, so the basic expectation is an upward rebound from 111.54 for at least minimum 150 points along the extraday movement.

Н4: intermediate support at 112.20 (the bottom Bollinger band) may be weak because the ADX favors bears.

Н1: locally the area 112.16-112.20 looks crucial for the upward intraday correction. ADX is ambigious, so we shall be based on the downward pressure on the older frame.

Expectations: The main scenario - decline to 111.54 and upward bounce up

The alternative scenario is to find support at 112.20 and rebound to 112.54 and then a new attempt to drop

Trading solutions: sell from 112.54 to 111.54.

Aleksey Panasenko
FreshForex Analyst
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