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Yen. The dual situation

31 October 2016, USD/JPY

Daily chart: ADX is very active, close to aggressive, so we can talk about the readiness of buyers to the attack resistance 105.48 (upper Bollinger band), further growth to 106.74. H4: after the break of the envelope top, the pair tested the middle Bollinger band (104.75), where the bulls can try the strength of 105.48 (upper Bollinger band). Here, as you can see, ADX is in a weak condition, so a breakthrough is not expected.

31102016y1

H4: reaffirm the strong resistance zone of 105.48 (upper Bollinger band). It is possible to consider and bear pattern. Over&Under in the 105.30 area.

31102016y2

H1:Reaffirm the strong resistance zone of 105.48 (upper Bollinger band). It is possible to consider and bear pattern Over&Under in the 105.30 area.

31102016y3

Expectations: So, wait for growth in 105.30-105.48 area and then decline towards 104.37.

Trading solutions:

Long positions to 105.30-105.48 Short positions from 105.30-105.48
Aleksey Panasenko
Analyst of «FreshForex» company
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