Resistance 103.45 will throw the pair down | 01 Juli 2016
01 Juli 2016, USD/JPY
Daily chart: a continued technical correction towards 105.06 (middle Bollinger band), from where a new wave down to 110.59 (the lower Bollinger band) is likely to take place.
Н4: a local area of resistance 103.45 (upper Bollinger band). ADX is rising, but has not reached the trendline area yet, so we a downward rebound (blue arrow) and growth to 105.06 (purple arrow) are equally probable.
Н1: the price cannot get above 103.45 (upper Bollinger band) due to very weak ADX parameters. Support is at 102.85 (middle band)
Expectations: rise to 103.45 and then fall to 102.85
Solutions: sell from 103.45 to 102.85
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.
