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A continued drop

A continued drop | 02 August 2016

02 August 2016, USD/JPY

Daily chart: yesterday bulls tried to run a counter-attack (by forming the stopping inside bar), but it is not able to persuade anybody, because the price is in the middle of the bottom envelope, finalization of the bottom band (100.13) is more likely than a reversal.

A continued drop

Н4: a better shaped support 100.99 (the bottom Bollinger band plus a round level)

A continued drop

Н1: In this local frame, the pair consolidated within the range 102.12 - 102.58

A continued drop

The main scenario - fall to 101.00

The alternative scenario - flat 102.12-102.58

Trading solutions: sales to 101.00 and 100.13 (extraday)

Aleksey Panasenko
FreshForex Analyst
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