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104.79-104.07 is resistance zone

104.79-104.07 is resistance zone | 06 October 2016

06 October 2016, USD/JPY

Daily chart: the pair is very close to the resistance of 103.65 (the upper Bollinger band) and ADX has also came very close to the aggressive trend area, which promises bullish breakthrough of the upper Bollinger envelope and medium-term growth to 106.74.

Н4: local resistance 104.07 (upper Bollinger band) and indicators contradict to each other that usually anticipate correction. Dynamic support is around 102.46 (middle Bollinger band).

Н1: we expect a downward rollback: the oscillator has shown signs of divergence. Resistance is slightly better shaped - 103.79 (upper Bollinger band), but I suggest to treat 103.79-104.07 as resistance

The main scenario - growth to 103.79-104.07 followed by a downward correction towards 103.36 and 102.93

The alternative scenario - a breakthrough and consolidation in the 104 figure

Trading solutions: sale from 103.79-104.07 to 103.36 and 102.93. It will be safer to wait for confirmation signal at H1 chart.

Aleksey Panasenko
FreshForex Analyst
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