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Sell from 102.14

Sell from 102.14 | 29 August 2016

29 August 2016, USD/JPY

Daily chart: potential is being accumulated within the range of 99.58 - 102.75 (Bollinger envelopes). ADX is rising, but has weak parameters, so is probably the price will continue to remain within the specified corridor.

Н4: the third bar outside of Bollinger envelopes, plus a gap at the opening - it asks question about ability of buyers to finalize 102.75. Support is at 100.54 and this goal is much more relevant. Nevertheless, we should look for entries at the range's borders, rather than in the middle, so, we should be patient.

Н1: a well expressed resistance at 102.14 (the upper Bollinger band). Support - 100.90 (middle Bollinger band). A very high degree of overboughtness for the oscillator that may anticipate a local downward reversal from 102.14.

Expectations: touch of 102.14 and then fall to 100.90

Solutions: wait for sell signal from 102.14 and then sell to 100.90.

Aleksey Panasenko
FreshForex Analyst
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