500 Bearish Mid-term Pips | 22 March 2017

22 March 2017, USD/JPY

Daily chart: there is a strong support at 111.00-111.29. If bears manage to break this area, they may be able to enforce huge mid-term drop to 105.00 region.

500 Bearish Mid-term Pips

Н4: the pair is heavily oversold but nobody cares because ADX shows aggressive trend. We believe, there may be a lot of bullish traps.

500 Bearish Mid-term Pips

Н1: resistance level at 111.86 may either become possible rollback target or be potential dollar supply area.

500 Bearish Mid-term Pips

Expectations: possible downward breakout of 111.29, followed by testing of 111.00. Here bulls may try to force rollbacks towards 111.86. However, in general we expect bears to win and force the price down to 110 point aiming at 105.00 in mid-term.

Solutions: consider selling after upside rollbacks.

Пополнение без комиссий в компании FreshForex

Aleksey Panasenko
FreshForex Analyst
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