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Yen. We expect the downward correction

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
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