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A flat day

19 October 2016, USD/JPY

Daily chart: so, bulls were not able make use of their positional advantage and caused a downward correction in the direction of the middle Bollinger band (102.42), from where, in turn, we can expect a new medium-term upward momentum to the upper Bollinger band (105.28)

Н4: Flat. ADX is weak. The corridor is within Bollinger envelopes 103.57-104.33.

Н1: even a better shaped flat with support at 103.74 (the lower Bollinger band) and resistance at 104.08 (upper band). ADX is very weak and is in a correctional phase, so it is unlikely that the end of this range will be broken today and the session will be most likely spent on the flat market.

Expectations: a flat day in the range 103.74-104.08

Solutions: either a cautious trading within the corridor 103.74-104.08 or take a break.

Aleksey Panasenko
Analyst of «FreshForex» company
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