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The psychological level 100.00 may drop

08 July 2016, USD/JPY

Daily chart: ADX shows the bearish pressure, so the pair can break the psychological level 100.00 and support 99.91.

Н4: resistance is at 101.15 (the middle Bollinger band), support is at 99.91. This area can concentrate demand in US dollar, but it is impossible to say if this demand can cover the possible "panic" on news. On the top of that, if we take into account the pressure from day frame, the outlook for bulls are unenviable.

Н1: even a better shaped resistance 100.76 (the middle Bollinger band)

Expectations: From a technical point of view, we have to see touch of 100.76 followed by a drop under 99.91. But there is a NFP factor that can bring surprises.

Solutions: sale from 100.76 to 99.00

Aleksey Panasenko
FreshForex Analyst
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