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Premarket view on the Yen

16 November 2015, USD/JPY

Daily chart: depth of potential downward correction is limited to the middle Bollinger band (121.17).

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Н4: local support at 122.55 (the middle Bollinger band) under exposure, but ADX perameters are not enough active for a breakthrough. Horizontal flat 122.55-123.24 is possible.

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Н1: note the presence of bullish setup O&U from the support 122.48. However, very active ADX against buyers.

Expectations: The main scenario - a rebound from the zone 122.48-122.55 and rising to 123.24. Alternative - a breakthrough at 122.30 and further decline towards 121.17. Trading solutions: 1)Buy from the zone 122.48-122.55 to 123.24. 2) Sales aimed at breakdown of 122.30

Aleksey Panasenko
FreshForex Analyst
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