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Key support is 109.72

Key support is 109.72 | 20 May 2016

20 May 2016, USD/JPY

Daily chart: ADX is very close to the trendline area, so there is a high probability of further growth to the upper Bollinger line (111.97)

Н4: here, in turn, ADX parameters are in a very weak area, so, apparently, the growth scenario within the day frame is delayed till the next week. Local resistance - 119.44 (upper Bollinger band). Support is at 109.40 (middle band).

Н1: a little better shaped support lies at 109.72 (the lower Bollinger band). I would call ADX "suspicious" - on a breakthrough under 109.72 the price may decline to 109.00 (the red arrow).

Expectations: The main scenario - touch of 109.72 zone and then surge to 110.27-110.44

The alternative scenario - decline to 109.00 (upon a breakthrough under 109.72)

Trading solutions: 1 Buy from 109.72 to 110.27-110.44

2. On a breakdown under 109.72 Sell to 109.00

Aleksey Panasenko
FreshForex Analyst
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