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Looking for shorts around 111.73-112.27

Looking for shorts around 111.73-112.27 | 21 March 2016

21 March 2016, USD/JPY

Daily chart: the pair maintains downward dynamics in the direction of 110th figure, but we can not exclude the possibility of pre-correction to 112.93 (middle Bollinger band)

Н4: a better shaped resistance from the middle Bollinger band - 112.27. Support is at 111.44 (the bottom band).

Н1: intraday flat range 111.04-111.73.

Expectations: The main scenario - flat in the range of 111.04- 111.73

The alternative scenario - a break above to 112.27 and then downward correction towards 111.04

Trading solutions: we are looking for Sell signals on H1 in the areas of resistance 111.73 and 112.27. The goal - 111.04

Aleksey Panasenko
FreshForex Analyst
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