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Another decline is expected

05 August 2016, USD/JPY

Daily chart: yesterday a false upward breakdown of the inside bar was received. In the middle of the bottom envelope is not the strongest setup for trading. But we have what we have, therefore, the main expectation is a drop in the direction of 99.62 (the bottom Bollinger band)

Н4: a better shaped support is at 100.49 (the bottom Bollinger band). Resistance is at 101.43 (the middle band)

Н1: southern accumulation. ADX does not have sufficient parameters for a breakthrough yet, so we wait for another pullback to the middle Bollinger band (101.16)

Expectations: a pullback to 101.16 followed by a downward movement to 100.49

Solutions: sale from 101.16 to 100.49

Aleksey Panasenko
Analyst of «FreshForex» company
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