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Southern dynamics

17 June 2016, USD/JPY

Daily chart: a very active ADX is likely to ingore some oversoldness, which will cause a deeper drop to 102.50

Н4: a similar picture: technical analysis predicts correction, but talking about it is too early, because the ADX is pressing and there are no signs of weakening. A potential "ceiling" of correction is the middle Bollinger band (105.64)

Н1: consolidation within the bottom envelope (103.30-104.44)

The main scenario: decline to 103.30 and then an upward bounce The alternative scenario: a deeper decline towards 102.50

Trading solutions: sale to 103.30 and 102.50

Aleksey Panasenko
Analyst of «FreshForex» company
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