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We expect strong support around 112.50

We expect strong support around 112.50 | 30 March 2016

30 March 2016, USD/JPY

Daily chart: (non-directional) trade is still here, with bearish momentum (sellers' bars are much more dynamic than heavy "attempts" of buyers). The corridor limited by the Bollinger envelopes - 11.54 and 114.40.

Н4: more bearish pressure. The pair is approaching support - the bottom Bollinger band (112.50) - with straightened ADX, so it can imply a return to the area of ​​the middle band (113.15)

Н1: we expect strong support around 112.50 due to formation of multiple bars behinf the Bollinger envelopes and extreme indicators represented by ADX/RSI

Expectations: now we are waiting for touch area 1of the 12.50 and then a corrective surge to 113.19

Trading solutions: purchase from 112.50 to 113.19

Aleksey Panasenko
FreshForex Analyst
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