Yen. Signs of Impending Rollback
24 November 2016, USD/JPY
Daily chart: the pair is over-bought, the downward correction is highly likely. The upper Bollinger band (113.36) performes as possible resistance which might be able to force bulls to retreat in the future. This scenario is quite possible.
Н4: Here we have simular situation. It is overbought and there are signs of oscillator divergence. However, the traders have strong ADX, so sells will be possible only upon receiving a signal. I recommend to refrain from trading net levels these days.
Н1: In third frame we see that rollback is due to occur. We proceed from the touch of the area 113.36 and from the starting downward move towards support levels 112.44 and 111.26 (middle and lower Bollinger bands)
Expectations: touch 113.35 and further fall into 112.44 and, perhaps, into 111.36 are expected.
Trading solutions: sell after selling signals in 113.35 area - sell by 112.44 and 111.36.
Aleksey PanasenkoAnalyst of «FreshForex» company
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