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Multi-directional movement

Multi-directional movement | 12 September 2016

12 September 2016, USD/JPY

Daily chart: a sluggish upward rollback from the middle Bollinger band (101.59) in the direction of 104.21 (the upper Bollinger band), but so far bulls have no enough fuel (as proven by corrective status of ADX). So I would not be surprised if price gets back in the direction of the middle band.

Н4: a bearish inside bar from the upper Bollinger band that is likely to cause drop in the direction of 101.50 and 100.94 (the bottom Bollinger band).

Н1: at this local frame, the pair concentrated within upper Bollinger envelope (102.47 - 103.09) maintaining the upward potential. ADX is declining, and it is unlikely that the range will be broken

Expectations: flat within the range 102.47-103.09

Solutions: trade within the corridor 102.47 - 103.09

Aleksey Panasenko
FreshForex Analyst
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