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Accumulation of potential inside the corridor 103.73 - 104.47

17 October 2016, USD/JPY

Daily chart: ADX continues to be aggressive and the momentum of the chart also should be recognize bullish. The last barrier to the medium-term momentum to 106.74 is the upper Bollinger band (104.78)

Accumulation of potential inside the corridor 103.73 - 104.47

Н4: at this local frame, the price lacks northern potential, so far resistance zone 104.49-104.78 will be reliable. Support lines are at 103.94 and 103.28 (middle and lower Bollinger bands)

Accumulation of potential inside the corridor 103.73 - 104.47

Н1: very weak and corrective ADX indicates consolidation within the Bollinger envelopes (103.73-104.47)

Accumulation of potential inside the corridor 103.73 - 104.47

Expectations: flat 103.73-104.47

Solutions: trade in both directions inside 103.73-104.47, but the purchase from the bottom is a more safe strategy than selling

Aleksey Panasenko
Analyst of «FreshForex» company
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