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Preparations for the new drop

14 June 2016, USD/JPY

Daily chart: a very active bearish trend ADX suggests the possibility of a new strong drop of the pair with yet vague goals. But today we can talk about the 104th figure.

Preparations for the new drop

Н4: a local ADX does not have a sufficient capacity yet, so we leave space for another upward correction to 106.55 (middle Bollinger band)

Preparations for the new drop

Н1: a similar picture, but with better shaped levels. Support is at 105.64 and resistance - in the middle (106.08)

Preparations for the new drop

Expectations: The main scenario - touch of 105.64, return to 106.08 and then the main phaseof drop to 104th figure

The alternative scenario - a direct drop to 104.50

Trading solutions: sale from 106.00-106.08

Aleksey Panasenko
Analyst of «FreshForex» company
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