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Yen. The key support is located at 104.05 zone

Yen. The key support is located at 104.05 zone | 26 October 2016

26 October 2016, USD/JPY

Daily chart: ADX is increasing and it is in the active zone, which, amid rising upper Bollinger band in the direction of 105.65. Support is located at the middle Bollinger band (102.96), where, theoretically, it may take downward correction.

26102016y1

H4: there is more localized support in the area of 103.53 (lower Bollinger band), resistance - 104.58.

26102016y2

H1: there is another support area at the current levels (104.05 - lower Bollinger band). If this zone holds then we will see bullish move in the direction of 104.58. If the bears break below, we will see touching of 103.53 level.

26102016y3

Expectations:

The main scenario - growth to 104.58 (maybe 105.65)

Alternative scenario - decline to 103.53

Trading solutions:

Long positions to 104.58 and 105.65 Short positions to 103.53 (in the case of the alternative scenario)
Aleksey Panasenko
FreshForex Analyst
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