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Perhaps, bears will continue their efforts

Perhaps, bears will continue their efforts | 13 September 2016

13 September 2016, USD/JPY

Daily chart: ADX is going through correction, so we do not expect a directional trend move. So far, the price is within the upper envelope (with resistance at 104.21 - the upper Bollinger band and support at the middle band (101.59)

Н4: a better shaped horizontal corridor within Bollinger envelopes (101.22 - 102.91). But here we notice very active ADX with a trend status, and yet we must admit that it favors bears.

Н1: local resistance 102.12 (middle Bollinger band); support is 101.59 (lower band). ADX contradicts to RSI, so basic expectation is a continued bearish scenario.

Expectations: touch of 102.12 and then fall to 101.59

Solutions: sales from 102.12 to 101.59

Aleksey Panasenko
FreshForex Analyst
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