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Wait for touch in 113.12 and sharp rise

Wait for touch in 113.12 and sharp rise | 01 December 2016

01 December 2016, USD/JPY

Daily chart: there are first signs of oscillator divergence, that indicates that the long-awaited downward reversal is close. However, upper Bollinger band is still rising towards 116.26. We shoud proceed from the fact that the price would test this range before reversing.

Wait for touch in 113.12 and sharp rise

Н4: local support level is 112.91 and local resistance level is 114.59 (middle and upper bands respectively).

Wait for touch in 113.12 and sharp rise

Н1: more localized support level is around 113.12 (lower band). Resistance is around 114.93 (upper Bollinger band). The price is likely to hold for some time around 113.12 after what soar up.

Wait for touch in 113.12 and sharp riseWait for touch in 113.12 and sharp rise

Expectations: wait for a drop towards 113.12 after what a shift towards 114.93.

Solutions:

1. Sell around 113.12

2. Buy from 113.12 to 114.93.

Aleksey Panasenko
FreshForex Analyst
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