Resistance 103.45 will throw the pair down

01 July 2016, USD/JPY

Daily chart: a continued technical correction towards 105.06 (middle Bollinger band), from where a new wave down to 110.59 (the lower Bollinger band) is likely to take place.

Н4: a local area of resistance 103.45 (upper Bollinger band). ADX is rising, but has not reached the trendline area yet, so we a downward rebound (blue arrow) and growth to 105.06 (purple arrow) are equally probable.

Н1: the price cannot get above 103.45 (upper Bollinger band) due to very weak ADX parameters. Support is at 102.85 (middle band)

Expectations: rise to 103.45 and then fall to 102.85

Solutions: sell from 103.45 to 102.85

Aleksey Panasenko
FreshForex Analyst
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