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A downward correction is expected

A downward correction is expected | 31 August 2016

31 August 2016, USD/JPY

Daily charts: bulls aim to make a breakthrough, so we may expect a further growth. A rollback to the middle Bollinger band (101.26) is still possible. Potential of the growth is large enough - up to 106.30 (this distance can be passed provided that Friday's news for US dollar is successful)

Н4: support is better shaped - 101.65 (middle Bollinger band), resistance - 103.46 (upper band). The pais is heavily overbought, plus there are signs of divergence of the oscillator

Н1: a clearly marked divergence suggests that bears seem to exercise the right of correction. Resistance zone is 103.30 - 103.46, support points: 102.58, 101.80, 101.65, 101.26.

Expectations: now, we are waiting for touch of zone 103.30 - 103.46 followed by a downward correction towards 101.80 and 101.26

Solutions: sell from the area 103.30 - 103.46 to 101.80 and 101.26.

Aleksey Panasenko
FreshForex Analyst
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