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Yen. Further reduction is possibly

Yen. Further reduction is possibly | 02 November 2016

02 November 2016, USD/JPY

Daily chart: he pair has fallen down to the middle Bollinger band (103.86), and now the road for bears is open (102.46).

02112016y1

H4: intense and marked a breakthrough of the lower Bollinger envelope - it is traditionally a strong bearish signal.

02112016y2

H1: locally ADX is very aggressive, so count on a strong upward correction is not necessary. Support - 103.86, resistance - 104.63.

02112016y3

Expectations:The main scenario - fall to 102.46. Alternative Scenario - upward correction towards 104.63.

Trading solutions: So, looking for short positions towards 102.46.

Aleksey Panasenko
FreshForex Analyst
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