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Premarket view on the Yen

02 November 2015, USD/JPY

The daily chart: a continued flat in the framework of the Bollinger envelope (118.83-121.50). The pair closed the week by flat sharply around at the middle band (120.12), so moves to the top or bottom wall of the channel are equally probable.

Н4: here support is 120.12 looks reliable - horizontal envelopes, ADX is weak. The range is 120.12-121.20

Н1:more localized levels of support and resistance - 120.30-120.74 (the bottom Bollinger envelope)

Expectations: decline to the zone 120.12-120.30 and then rebound towards 120.74 and possibly to 121.20

solutions: buy from the zone 120.12-120.30 and 120.74 to 121.20

Aleksey Panasenko
FreshForex Analyst
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