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Premarket view on the Yen

Premarket view on the Yen | 26 October 2015

26 October 2015, USD/JPY

The daily chart: an aggressively broken upper envelope Bollinger and we can expect beginning of a strong growth (up to 125.05) after correction to the middle band (120.00)

Н4: more localized support lies at 120.24 (middle Bollinger band)

Н1: one more argument for the downward correction - bearish divergence of oscillator. There is support at 120.91. Resistance 121.57 allows you to sell to roll back.

Expectations: So, we either wait for a rollback to one of two areas - 120.91 or 120.24, where we will look for entry signals to try to take a medium-term movement towards 125.05

solutions: 1) We are waiting for a signal to buy in areas of 120.91 and 120.24. 2) Intraday you can try to take a roll back down selling from 121.57 to the one of the areas pointed in the first scenario.

Aleksey Panasenko
FreshForex Analyst
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