Looking to buy on downward pullbacks | 29 January 2016
29 January 2016, USD/JPY
Daily chart: strong resistance around zone 120.23 (the upper Bollinger Band), support is 118.32 (middle band).
Н4: here is northern dynamics of the pair on the background of news from Japan.
Н1: overboughtness plus weakness of ADX make the probability of a downward rollback toward the middle Bollinger band (118.96) high
Expectations: So, in general, we expect growth of the pair to 121.15, but also expect a pullback to the zone 119.00-119.35
Trading solutions: buy in case of a rollback to the zone 119.00- 119.35 with a view to 121.15
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.
