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Decline to 101.84 is expected

21 September 2016, USD/JPY

Daily chart: Bollinger bands are getting much narrower and there were the first impulse price movement inside the range of envelopes (100.31-104.11). ADX is weak and does not show an initiative, therefore, despite the serious bullish momentum, we still expect multidirectional vibrations around the middle Bollinger band (102.00)

Н4: news" stick" broke through the upper envelope, but to ADX does not have a trend component. Therefore, we are waiting for a return to the middle Bollinger band (102.01)

Н1: some bars outside Bollinger envelopes and also very weak ADX. The middle Bollinger band is slightly lower (101.84) and it will be direction for the next few hours

Expectations: fall to 101.84

Solutions: Sell to 101.84

Aleksey Panasenko
FreshForex Analyst
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