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Breakout of 111.51 and Following Drop Expectations

Breakout of 111.51 and Following Drop Expectations | 29 March 2017

29 March 2017, USD/JPY

Daily chart: support level at 110.15 is a starting point of rapidly developing upside correction which may reach middle Bollinger band (113.08).

Breakout of 111.51 and Following Drop Expectations

Н4: here resistance level is around upper Bollinger band (111.51). ADX shows corrective trend, envelopes are steady, so the main expectation is bounce down (see blue arrow).

Breakout of 111.51 and Following Drop Expectations

Н1: here bullish trend potential is still valid, the price may reach resistance level at 111.51. Support level is on middle Bollinger band (110.67)

Breakout of 111.51 and Following Drop Expectations

Expectations:

Core scenario - shot to 111.51 followed by bounce to the downside.

Alternative scenario - preliminary rollback to 111.67 region followed by downside breakout of 111.51.

Trading signals:

1. Consider buying to 111.51

2. Consider selling from 111.51 towards 110.67

Пополнение без комиссий в компании FreshForex

Aleksey Panasenko
FreshForex Analyst
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