Flat as a preparation for decline

August 4, 2015

USD/JPY

The daily chart: the pair is falling inside Bollinger envelopes, which may indicate potential of this medium-term decline around the bottom band (121.62), as ADX is insufficient for impulsive moves

Í4: local support is on 123.75 (the bottom Bollinger Band). It could cause a delay, because ADX also shows no readiness for exploits.

Í1: a similar situation. Bears, of course, have the opportunity to attack through breakout of the lower envelope, which implies a return to the middle Bollinger line (124.00), but the overall situation is flat-like.

Expectations: flat between 123.75 and 124.00.

solutions:

1) We can try sales from 124.00, cause in the middle run the pair is ready to fall down to 121-1 figure.

Publication source
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