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Looking for sales opportunities around 108.75-108.92

13 April 2016, USD/JPY

Daily chart: the expected upward correction has started toward the middle Bollinger band (111.49). Situation for bulls is shaky because ADX keeps very active parameters. Counter trend trade is very dangerous.

Н4: clamping range within the Bollinger envelopes(107.82-108.92), which are getting more narrow. We also have a strong ADX, which can be interpreted in favor of sellers

Н1: A local upward correction could test the upper zone Bollinger bands (108.76-108.92), whereupon the pair seems to fall into the zone of 107.94 (the bottom Bollinger band).

Expectations: now, we expect touch of 108.76-108.92 and then decline to 107.94 Trading solutions: sell from 108.76 to 107.94. It is better to wait for additional short-signals around 108.76-108.92 to have a more "clear" Stop orders

Aleksey Panasenko
Analyst of «FreshForex» company
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