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Correction is close

18 December 2015, USD/JPY

Daily chart: active work in the direction of the bottom Bollinger band (121.02), from which a rebound to the middle band (122.54) is possible, as meanwhile envelope are horizontal.

Correction is close

Н4: a more localized support at 120.69 (the bottom Bollinger Band).

Correction is close

Н1: four bars out of the Bollinger envelope - a threat for rising correction already on 121.37, where there is a pivot point.

Correction is close

Expectations: The main scenario - Touch of zone 121.37 and then an upward roll back to 122.54

The alternative scenario - deeper decline to 120.69, and then start of an upward roll back.

Trading solutions: On long signal to 120.69 or 121.37 - buy to 122.54

Aleksey Panasenko
FreshForex Analyst
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