Growth to 104.36 and then fall

14 October 2016, USD/JPY

Daily chart: despite a very active status of ADX, a downward correction in the direction of the middle Bollinger band (102.15) has started. However, bulls can attempt to break the top envelope.

Growth to 104.36 and then fall

Н4: the price has maintained a rising structure, but a well expressed bearish divergence of the oscillator shows the impossibility to continue the upward movement, confirming scenario with downward correction within the daily chart. We expect another touch of the upper Bollinger band (104.40)

Growth to 104.36 and then fall

Н1:a bearish pattern Over&Under from around 104.36 (the upper Bollinger band). To move to this area, the price needs a break above the middle band (103.80)

Growth to 104.36 and then fall

The main scenario - growth to 104.36 and then fall to 103.27

The alternative scenario - touch of 103.80 and then fall to 103.27

Trading solutions:

1. Buy to 104.30

2. Sell from 104.36 to 103.27

Aleksey Panasenko
FreshForex Analyst
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