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We still expect the downward correction

01 September 2016, USD/JPY

Daily chart: a very active trend attack on ADX promises buyers good northern outlook (in the medium run - up to 106.30)

We still expect the downward correction

Н4: local strong resistance 103.98 (the upper Bollinger band, plus the round psychological level). All indicators are heavily overbought. Support is around 102.45 (middle Bollinger band)

We still expect the downward correction

Н1: expressed massive bearish divergence of the oscillator indicates the inability of the price to move higher than 103.58-103.98, from where we can wait for a correction towards 102.93 and 102.45.

We still expect the downward correction

The main scenario - touch of 103.58 - 103.98 and then downward correction to 102.93 and 102.45

The alternative scenario - a direct drop to 102.93 and 102.45

Trading solutions: So, we are looking for downward entries inside 103.58 - 103.98 to 102.93 and 102.45

Aleksey Panasenko
Analyst of «FreshForex» company
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