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An ongoing upward correction

30 June 2016, USD/JPY

Daily chart: a confident rising technical correction to the middle Bollinger band (105.80), whereupon a new descending wave towards 101.26 (the bottom Bollinger band) is expected to start.

Н4: ADX is close to trend and is growing. Thus, a break above 103.18 (upper Bollinger band) will enable a breakthrough to 105.80

Н1: here the ADX is rising, but has not yet reached the trend valueyet, so the pair can stay in the upper envelope (102.55-103.18) before the main growth phase.

The main scenario - a downward rollback from 103.18 to 102.55 followed by a start of main correction phase towards 105.80 (extraday)

The alternative scenario - a direct surge to 105.80

Solutions: Buy from 102.55 to 103.18 and 105.80 (extraday)

Aleksey Panasenko
FreshForex Analyst
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