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Key support is 122.58

13 November 2015, USD/JPY

Daily chart: potential of correction is still quite large (up to the middle Bollinger band, 121.17), but the upward reversal may occur at any time due to the previously designated strength of the rising edge.

Н4: local support from the bottom Bollinger band (122.58) may be irresistible because of weak ADX, under which bears attack. As one of the options, flat in the bottom envelope (122.58-123.00) is possible

Н1: active ADX, but it means equally probable upward and downward movement. Therefore, key support 122.58 is diagnostically important.

Expectations: The main scenario - rebound from 122.58 up to 123.00 and possibly higher if breakthrough is provided. The alternative scenario - break down further under 122.58 and drop to 122.00 and possibly under.

solutions: 1) Buy from 122.58 shopping with small stop orders based on the mid-term continuation of the uptrend. If you do not plan to leave the deal on the weekend, you'd better to abstain from trading today.

Aleksey Panasenko
Analyst of «FreshForex» company
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