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Upside pressure

Upside pressure | 27 January 2017

27 January 2017, USD/JPY

Daily chart: the pair has reached strong resistance level at 115.06 (round psychological level and middle Bollinger band). It is highly likely that price will bounce down. However, if price will enter upper Bollinger envelope, breakout of 118.23 may be expected, although it won't change general scenario of trend reversal to the downside.

Н4: locally we have trending ADX, so 115.06 level will get a lot of pressure. We are likely to see further upside breakout here.

Н1: local support level is at 114.60 (middle Bollinger band). One might consider buying from this region in case of downside rollback.

Expectations: we are expecting rise towards 116 region keeping in mind preliminary rollback towards 114.60

Solutions: consider buying from 114.60 to 116.00

Aleksey Panasenko
FreshForex Analyst
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