Forex Technical Analysis: Trend potential – A downward correction is expected

USDJPY – DownDaily charts: bulls aim to make a breakthrough, so we may expect a further growth. A rollback to the middle Bollinger band (101.26) is still possible. Potential of the growth is large enough – up to 106.30 (this distance can be passed provided that Friday’s news for US dollar is successful) Н4: support is better shaped – 101.65 (middle Bollinger band), resistance – 103.46 (upper band). The pais is heavily overbought, plus there are signs of divergence of the oscillator Н1: a clearly marked divergence suggests that bears seem to exercise the right of correction. Resistance zone is 103.30 – 103.46, support points: 102.58, 101.80, 101.65, 101.26. Expectations: now, we are waiting for touch of zone 103.30 – 103.46 followed by a downward correction towards 101.80 and 101.26 Solutions: sell from the area 103.30 – 103.46 to 101.80 and 101.26.
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