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Levels of support/resistance - 116.15/117.91

11 January 2016, USD/JPY

Daily chart: the pair is aimed towards support zone 116.15, where we apparently can look for signals of a significant correction - the last time this level has given 700 points of growth.

Levels of support/resistance - 116.15/117.91

Н4: convergence of oscillator - expressed attenuation of signal and possible correction. Resistance is from the middle Bollinger band (118.23)

Levels of support/resistance - 116.15/117.91

Н1: more localized resistance 117.91

Levels of support/resistance - 116.15/117.91

Expectations:

The main scenario - correction to 117.91 and then a new wave down to 116.15

The alternative scenario - test of 116.15 zone and only after that we expect a significant upward correction.

Aleksey Panasenko
FreshForex Analyst
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