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Premarket view on the Yen

19 October 2015, USD/JPY

The daily chart: after a massive breakdown of the bottom envelope, a technical correction to the middle Bollinger band (119.94) is taking place, from which we can consider sales under a new strong drop to the area 118.57, and then - and new Lows (in the medium run).

Н4: confirm resistance at 119.94, where the day moving average and H4 upper Bollinger band are merging

Н1: from the middle Bollinger band (119.22)we waiting for the upward wave to 119.94

Expectations: So, we wait for growth to 119.94, from where we should sell to 118.57 and in the medium run - much lower (down to 116th figure).

solutions: 1) We are waiting with Sell limit orders from 119.94. 2) Intraday traders may try to avail from the upward movement from 119.33 to 119.94

Aleksey Panasenko
FreshForex Analyst
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