Growth to 102.00 and then a downward roll back
29 September 2016, USD/JPY
Daily chart: a very strong start from bottom Bollinger band (99.96), where, in addition, the important psychological level 100.00 was based. Growth is accompanied by inside bullish bars, so there are all signs that in the medium-term the price is going to reach the upper Bollinger band (104.14).
Н4: aggressive trend ADX openly favors bulls. But on their way there is resistance 102.00 (daily middle Bollinger band) and some pullbacks are expected because the pair is overbought. Support is around 100.90.
If bulls cope with the barrier 102.00 , the way to 104.14 will be opened.
Н1: at this local frame there are difficulties for growth and the pair is overbought, so 102.00 would be the limit for buyers.
Expectations: growth to 102.00 and then a noticeable downward pullback (down to 100.90)
Solutions: 1 Buy to 102.00
2. Sales from 102.00 to 101.00.
Aleksey PanasenkoAnalyst of «FreshForex» company
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