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Consolidation or distribution?

Consolidation or distribution? | 12 October 2016

12 October 2016, USD/JPY

Daily chart: ADX is still aggressive, so at any time the price can move up to 104.33 (the upper Bollinger band) and then break the top envelope, which in the medium run will open the way to 106.74

Н4: the range is more narrow. Taking into account corrective status of ADX, we can assume that this scenario will continue today.

Н1: a strong resistance is at the middle Bollinger band (103.70); support is at 103.26 (lower Bollinger band)

Expectations: touch of 103.70 followed by a downward rollback to 103.26

Solutions: either Sell from around 103.70 or skip a session until the situation is clarified (if consolidation continues, we will see a northern distribution).

Aleksey Panasenko
FreshForex Analyst
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