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Trading on resistance 103.03

29 June 2016, USD/JPY

Daily chart: the bullish inside bar was obtained, which paves the way for an upward correction to the middle Bollinger band (105.80). But in general, the Bollinger envelope are bearish.

Н4: two resistance line, each of them may contain a massive supply for US dollar - it's 102.73 and 105.80 (middle and upper Bollinger bands)

Н1: strong local resistance 103.03 (upper Bollinger band, plus all the psychological level). Support is at 102.33 and 101.63 (middle and lower Bollinger bands)

The main scenario - touch of zone 103.03 followed by decline to 102.33 and 101.63

The alternative scenario - in the event of a break above 103.03, we will be waiting for growth to 105.80

Trade solutions: sales from 103.30 to 101.63

Aleksey Panasenko
Analyst of «FreshForex» company
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