Log in

A downward correction is expected

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
Analyst of «FreshForex» company
See also:
Agree with the review?
Traders' opinion:

Do you have any suggestions to make our website better? Have you noticed an error on the site? Tell us

Tell us

Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with rendering Personal area. How to enable cookie support.