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Rollback towards 114.04 is Likely

Rollback towards 114.04 is Likely | 09 March 2017

09 March 2017, USD/JPY

Daily chart: bulls keep pushing upper Bollinger band (114.92) but ADX doesn't support their attempts. That may cause the pair to stay in this region for some time.

Rollback towards 114.04 is Likely

Н4: here we may see strong resistance level at 114.62 along with oscillator divergence. All the above mentioned indicates that the market is ready for decline to 113.50 region (lower Bollinger band.)

Rollback towards 114.04 is Likely

Н1: more localized flat in 114.04-114.62 (Bollinger envelopes range.)

Rollback towards 114.04 is Likely

Expectations:

Core scenario - drop to 114.04 region followed by rebound to the upside

Alternative scenario - attempt to force the price to 115.00

Solutions:

1. Consider selling to 114.04 (with stop-loss above 114.62)

2. Consider looking for upward signals in 114.04 region.

Пополнение без комиссий в компании FreshForex

Aleksey Panasenko
FreshForex Analyst
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