A touch in 119.05 and decline? | 16 ديسمبر 2016
16 ديسمبر 2016, USD/JPY
Daily chart: upward correction is close. Upper envelope is broken, indicators are in their extremes and oscillator shows bearish divergence.
Н4: level of possible high is 119.02 (upper Bollinger band and round psychological level). From here the pair might start declining towards support levels 118.12 and 116.31.
Н1: flat horizontal corridor within Bollinger envelopes (117.77-118.55) also indicates that bulls are loosing their grounds.
Expectations:
Core scenario - flat 117.77-118.55
Alternative scenario - the last upward shift to 119.05 and later rapid downward correction.
Solutions:
1. Buy around 119.00
2. Cautious selling from around 119.05.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
