Key support is 123.15
18 November 2015, USD/JPY
Daily chart: Northern determination is still here, magnetism is in the areas of 124.10 and 125.05
Н4: Local support at 122.97 (the middle Bollinger band). If we have buy signals here, they will likely to realize their potential.
Н1: bearish divergence may form a local reversal pattern O&U (if the price gets under 123.15. With the account of bullish O&U below, such a scenario is very likely to happen. But we cannot rely on that bulls can just let the pair go into a long correction. We sell only after the complete formation of the O&U.
Expectations: 1) In the case of withdrawal under 123.15 - we expect an upward roll back into the zone of 123.44 and sell to 122.55. 2) If we have long signal - you can try to take the best move up to 124.10.
Trading solutions: Work in accordance with one of the above scenarios
Aleksey PanasenkoAnalyst of «FreshForex» company
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