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Correction towards 119.85 will continue

Correction towards 119.85 will continue | 16 October 2015

16 October 2015, USD/JPY

The daily chart: having denoted their determinationto move the price to the south, bears however, had to reckon with the rules of working with Bollinger breakouts - namely, tendency to return to the middle lane. In this case - 119.85, where we will sell the next week towards 116.00

Н4: intermediate resistance lies at 119.34 (middle Bollinger Band). The decline may begin here. However, we must keep in mind 119.85 zone as well, which is ruled by the daily frame.

Н1: active ADX, so we will be based on the movement to a higher point (119.85)

Expectations: rise to 119.85, where to begin intensive mid-term decline

solutions: 1) Purchases to 119.85 2) Sales from the range 119.85 to 116.00 (in the medium run).

Aleksey Panasenko
FreshForex Analyst
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