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Downward correction is coming

19 November 2015, USD/JPY

Daily chart: the upper Bollinger band (124.26) seems to be unfinished. But there are signs of overboughtness and divergence of the oscillator, which tells about a coming correction.

Н4: here we have divergence too, confirming weakening of bullish pressure. Resistance at 123.85 (the upper Bollinger band)

Н1: another frame, where we can observe diverging RSI. ADX parameters active and we waiting for important for the pair today. Therefore, zone 123.85 and possibly, 124.26 are likely to be finalized .

Expectations: refinement of levels 123.85 and 124.26, whereupon you can wait for start of downward correction towards 123.16-123.42.

Вecisions: keep buying to 123.85 and possibly to 124.26, where, in turn, we will be looking for signals down to correction to 123.16-123.42

Aleksey Panasenko
Analyst of «FreshForex» company
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