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Support around 100.59-100.74 is possible

Support around 100.59-100.74 is possible | 06 July 2016

06 July 2016, USD/JPY

Daily chart: ADX is in the active trend phase, so we can not exclude that new Lows will be reached. Support is at 100.59 (the lower Bollinger band)

Н4: the price can roll back up to the middle band Bolllindzhera (102.19), but we can not put money on it: bears have an obvious advantage in the background of expressed expansion of envelopes.

Н1: at this local level, we do not see the trend potential, so support may be around 100.59-100.74 .

The main scenario - decline to 100.59-100.74 with an upward bounce in the direction of 101.02-101.37

The alternative scenario - decline to 100.00

Solutions: Sell to 100.59-100.74 and possibly to 100.00.

Aleksey Panasenko
FreshForex Analyst
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