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Wait and See how Price Behaves around Support Level 110.63

Wait and See how Price Behaves around Support Level 110.63 | 04 April 2017

04 April 2017, USD/JPY

Daily chart: the pair is aiming to drop to 109.54 (lower Bollinger band).

Wait and See how Price Behaves around Support Level 110.63

Н4: there is upside entry point within local bullish Over&Under pattern at 110.63 (it is also lower Bollinger band)

Wait and See how Price Behaves around Support Level 110.63

Н1: the pair is quite oversold so support level in region of 110.63-110.77 may be tough to break. If rise scenario confirms, bulls will face several resistance levels: 111.17, 111.39 and 111.64.

Wait and See how Price Behaves around Support Level 110.63

Expectations:

Core scenario- drop to 110.63-110.77 region followed by rise to 111.17, 111.39, 111.64

Alternative scenario - drop to 110.00.

Trading signals:

1. Consider buying in region of 110.63-110.77 (in case of long signals in this area).

2. Bears may try to break 110.63 region.

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Aleksey Panasenko
FreshForex Analyst
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