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We Expect rollback to 114.46 Area and New Attack to the Downside

We Expect rollback to 114.46 Area and New Attack to the Downside | 16 March 2017

16 March 2017, USD/JPY

Daily chart: bears entered lower Bollinger envelope and now have a positional advantage for breakout of 112.13 (lower Bollinger band).

We Expect rollback to 114.46 Area and New Attack to the Downside

Н4: lower Bollinger envelope breakout along with weak trend ADX. That allows the price to rollback towards middle Bollinger band (114.73). From this level bears may push the price down again towards 112.13.

We Expect rollback to 114.46 Area and New Attack to the Downside

Н1: here we have bullish inside bar that followed several pinbars beyond Bollinger envelopes. Resistance level is around 114.46 (middle Bollinger band). However, we should not forget about strong trend ADX, so bulls should be careful with buys.

We Expect rollback to 114.46 Area and New Attack to the Downside

Expectations:

Core scenario- upward rollback to 114.46 region followed by drop towards 112.13 (extraday)

Alternative scenario - direct drop to 112.13.

Solutions:

1. Consider buying to 114.46

2. Consider selling from 114.46 to 112.13.

Пополнение без комиссий в компании FreshForex

Aleksey Panasenko
FreshForex Analyst
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