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The area of possible supply is 104.90-105.15

The area of possible supply is 104.90-105.15 | 08 November 2016

08 November 2016, USD/JPY

Daily chart: we notice the presence of a bearish pattern - Over&Under. The entry based on this pattern has been almost perfected, so a confirming factor would be downward movement today. But US dollar can strengthen significantly on news from the United States. Although from a technical point of view, so far everything goes according to plan of sellers, because growth is against weak status of ADX.

Н4: another Over&Under is around 105.15. Here Bollinger bands maintain northern spirit. At the same time, again, to ADX is in a corrective direction that also indicates a lack of trend potential of buyers.

Н1: local resistance around 104.90 makes 104.90-105.15 resistance zone, which may contain good supply that can lower the pair to 103.62.

Expectations: growth to 104.90-105.15 and decline to 103.62

Solutions: sale from 104.90- 105.15 to 103.62

Aleksey Panasenko
FreshForex Analyst
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