Bearish Market and Possible Upside Correction | 28 March 2017
28 March 2017, USD/JPY
Daily chart: ADX trend supports bears, which may trigger mid-term drop towards 105.00.
Н4: bullish oscillator convergence indicates weakening of bearish pressure. If upside correction manages to get higher than middle Bollinger band (110.92), rollback may reach upper band (111.70). Support is at 110.15 (lower Bollinger band).
Н1: ADX is close to trending, if bears control the price, they should not let it rise higher than 110.92!
Expectations:
Core scenario - decline to 110.15
Alternative scenario - upside breakout of 110.92 followed by rise to 111.70
Trading signals:
1. Consider selling to 110.15
2. Consider buying at upside breakout of 110.92 to 111.70.
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.
