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Bearish Market and Possible Upside Correction

Bearish Market and Possible Upside Correction | 28 March 2017

28 March 2017, USD/JPY

Daily chart: ADX trend supports bears, which may trigger mid-term drop towards 105.00.

Bearish Market and Possible Upside Correction

Н4: bullish oscillator convergence indicates weakening of bearish pressure. If upside correction manages to get higher than middle Bollinger band (110.92), rollback may reach upper band (111.70). Support is at 110.15 (lower Bollinger band).

Bearish Market and Possible Upside Correction

Н1: ADX is close to trending, if bears control the price, they should not let it rise higher than 110.92!

Bearish Market and Possible Upside Correction

Expectations:

Core scenario - decline to 110.15

Alternative scenario - upside breakout of 110.92 followed by rise to 111.70

Trading signals:

1. Consider selling to 110.15

2. Consider buying at upside breakout of 110.92 to 111.70.

Пополнение без комиссий в компании FreshForex

Aleksey Panasenko
FreshForex Analyst
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