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.
We are constantly improving our website quality. If you have any suggestions on how to make our website better or noticed an error on the website, please tell us