Yen. We expect the downward correction | 23 May 2016

23 May 2016, USD/JPY

Daily chart: the pair is still in a stable range of Bollinger envelopes, however, we see an aggression from ADX, therefore, 111.97-112.00 resistance zone (the upper Bollinger band) may be under stress. The general bullish potential is confirmed by a well-shaped convergence of the oscillator.

Н4: technical downward correction towards support 109.79 and 108.92 (middle and lower Bollinger bands, respectively)

Н1: also local signs of a downward correction - this divergence of the oscillator and consolidation inside the lower envelope. A strong local support zone - 109.86 (lower Bollinger band).

Expectations: fall to 109.86 and then an upward bounce to 110.21

Trading solutions: 1. Sales to 109.90. 2 Buy from 109.90 to 110.20

Aleksey Panasenko
FreshForex Analyst
Agree with the review?
Traders' opinion:
Close
Log in
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .
manager photo manager photo
Online-support
We will be pleased to answer any questions you may have

Write

Get bonus