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A descending correction

12 July 2016, USD/JPY

Daily chart: the pair has closely come to the middle Bollinger band (103.33), from which there are only two ways - either down to 100.07 (the lower Bollinger band, blue arrow), or up to 106.83 (the upper band, red arrow)

Н4: multiple bars outside envelopes anticipate a correction to 101.35 (middle Bollinger band)

Н1:a similar situation. Support is at the lower Bollinger band (100.92)

Expectations: drop from current levels to 100.92-101.35

Solutions: sale to 101.00.

Aleksey Panasenko
Analyst of «FreshForex» company
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