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Corrective potential may be limited

Corrective potential may be limited | 12 November 2015

12 November 2015, USD/JPY

The daily chart: space for possible correction is rather large (up to the middle Bollinger band, 120.50), but it is a big question if bears can take this opportunity

Н4: strong local support at the bottom Bollinger band (122.40). Bounce from it towards 123.73 is very likely.

Н1: one of the options - flat, with the support of the bottom Bollinger band (122.76) and resistance at the upper band (123.15).

Expectations: The main scenario - decline to 122.40 and surge to 123.70 The alternative scenario - flat 122.76-123.15

Solutions:

1) Buy from 122.40 to 123.70

Aleksey Panasenko
FreshForex Analyst
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