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Yen. We are looking for an entrance to 103.81-104.02 zone

Yen. We are looking for an entrance to 103.81-104.02 zone | 25 October 2016

25 October 2016, USD/JPY

Daily chart: the upper Bollinger band continues to aspire in the direction of 105.60, keeping the general northern potential. But ADX is adjusted, which usually means multi-directional movement.

251016y1"

H4: there is a local horizontal corridor within the Bollinger envelope (103.29-104.30). ADX is rising, but the trend has not reached the zone yet, so we expect a rebound from the 104.30 resistance down.

251016y2"

H1: locally a downward correction has already started towards the middle Bollinger band (104.02), from which, presumably, the bulls begin their attack again.

251016y3"

Expectations:

The main scenario - decline to 104.02 and then start up towards 104.50.

Alternative Scenario - fall to 103.81

Trading solutions:looking for long positions from 104.02 and 103.81.

Aleksey Panasenko
FreshForex Analyst
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