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Growth with a limited potential

20 April 2016, USD/JPY

Daily chart: a continued rising correction in the direction of the middle Bollinger band (110.59), from which, with a high probability, the price may take a new medium-term phase of decline

Growth with a limited potential

Н4: a more localized resistance 109.88 (the upper Bollinger band). Bollinger envelopes are horizontal, ADX is weak. Therefore, we expect flat within the channel 108.16-109.88

Growth with a limited potential

Н1: even a better shaped intraday resistance of 109.43 (the upper Bollinger band). Support is at 108.91 (the bottom Bollinger band).

Growth with a limited potential

Expectations: The main scenario - touch of 109.43 and then correction to 108.91

The alternative scenario - surge to 109.88

Trading solutions: look for the entry points down to 109.43 and 109.88. The goal is 108.91

Aleksey Panasenko
Analyst of «FreshForex» company
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