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The price is to face resistance and start a downward correction

30 August 2016, USD/JPY

Daily chart: visual accumulation of the northern potential, but so far ADX has not reached the figure, which will mark breakdown of resistance 102.83 (the upper Bollinger band). So, we are recording 105.50, but keep in mind 102.83 - not the fact that buyers will be able to do so immediately

Н4: we confirm a strong resistance at 102.83 (the upper Bollinger band) - the pair is overbought, and ADX is going through correction (ie, bulls will try to run a breakthrough without trend potential

Н1: a horizontal range 101.80 - 102.35 (Bollinger envelopes). ADX is weak, but it is attacking, so finalization of 102.83 is likely

The main scenario - growth to 102.83 and then the downward correction

The alternative scenario - flat 101.80 - 102.35

Solutions: sales from 102.83.

Aleksey Panasenko
FreshForex Analyst
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