There is a high possibility of correction
10 November 2015, USD/JPY
Daily chart: here is some repurchasing, that can let a correction happen. However ADX is active, so it is very dangerous to sell. the significant support levels that can stop the correction and bring a great ask for the dollar are 122.41 и 120.84.
Н4: here is the support 122.41 (middle Bollinger band) looks very reliable. A wave can go from it to 124.00 (upper Bollinger band).
Н1: intermediate support on 1230.00 can hold bears, as ADX is quite active. In this case flat day is possible with the corridor 123.00-123.61.
Expectations: The main scenario: the correction to 122.41 and then growth to 124.00. The alternative scenario: flat 123.00-123.61
Aleksey PanasenkoAnalyst of «FreshForex» company
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