Premarket view on the yen
21 December 2015, USD/JPY
Daily chart: 120.94 key support (the bottom Bollinger band). According to ADX, markets are not ready for a new phase of the fall (to 118.68, the red arrow), so we do not exclude an upward correction to the zone of the middle band (122.46).
Н4: we confirm the strong support zone 120.94 (the bottom Bollinger Band). ADX is not ready for a further breakthrough on, so our expectation is rebound around 121.95 (middle Bollinger Band).
Н1: lower support - 120.68 (the bottom Bollinger Band) - forms zone 120.68-120.94, where we will wait for formation of local signals of upward correction to 121.69 (mid band).
Expectations: touch of zone 120.68-120.94 and then rise towards 121.69
Trading solutions : purchase from the zone 120.68-120.94 to 121.69
Aleksey PanasenkoAnalyst of «FreshForex» company
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