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A potential area of supply on Yen - 108.71

A potential area of supply on Yen - 108.71 | 06 May 2016

06 May 2016, USD/JPY

Daily chart: a continued technical correction in the direction of the middle Bollinger band (108.71). We assume that from this area a new decline towards 105.91 (the bottom band) will start.

Н4: a horizontal corridor within Bollinger envelopes (105.82-107.70). NFP release increases an extent of uncertainty regarding direction of further movement.

Н1: a better shaped flat 106.98-107.46. But we will not count on its reliability, too.

" - 108.71

Expectations: So, let's not make any guesses on what will happen upon NPF release. But a technically correct scenario suggests a surge to 108.71 and then fall down to 105.51 < / p>

Trading solutions: we shall abstain from trading today or are look for sales around ​​108.71

Aleksey Panasenko
FreshForex Analyst
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