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30 October 2015, USD/JPY

The daily chart: if to judge about the future using ADX, the verdict is simple - no base for a further growth, not enough fuel. This means that the most likely scenario would be flat in the upper part of the Bollinger envelope (120.12-121.50)


Н4: the same picture with more localized corridor 120.12-121.26


Н1: a strong support zone 120.73, to which chart is approaching with active ADX. Given that from here bulls can continue the overall growth of the pair, we must recognize the future scenario of growth and decline as equally probable.


Expectations: The main scenario - rebound from 120.73 to 121.26-121.50. The alternative scenario - a deeper breakthrough to 120.12

solutions: 1) Buy from 120.73 with short stops at 121.26-121.50. 2) When the price is forced under 120.65 - the price may decline to 120.12. It is up to you to decide if you sell on such a short distance. 3) In the area around 120.12 you can buy to 121.26 again.

Aleksey Panasenko
Analyst of «FreshForex» company
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