Finalization of 101.00

08 September 2016, USD/JPY

Daily Chart: the price has fully tested the middle Bollinger band (101.56). Now a deeper drop to 99.20 (the bottom Bollinger band) and bounce up towards 104.00 (upper band) are equally probable.

Н4: at this local frame, the downtrend (towards bottom Bollinger band - 100.94) is still relevant. Resistance is at 102.78 (middle band). ADX is very close to the trendline area, so there is a small doubt that sellers will finalize 100.94.

Finalization of 101.00

Н1: intraday the pair has entered into a horizontal flat corridor inside Bollinger envelopes (101.30-101.87). ADX is in the weak area, although it is growing.

The main scenario - flat 101.30-101.87

The alternative scenario - drop to 100.94-101.00

Trading solutions: sales to 101.30, 101.00

Aleksey Panasenko
FreshForex Analyst
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