The price may choose 1 of the 2 ways today
11 November 2016, USD/JPY
Daily chart: ADX is corrective, ie, buyers do not have much potential for further upward moves. We can expect a downward correction to the middle Bollinger band (104.39)
Н4: resistance is at the upper line of Bollinger (107.56), from where a new wave of upward movement is expected (if bears do not handle it before). Support is at the middle Bollinger band (105.14)
Н1: a a local flat horizontal corridor inside Bollinger envelopes (106.34-106.93). ADX is weak and corrective. There is correlation between this sort of accumulation with Eurodollar.
The main scenario - flat 106.34-106.93
The alternative scenario - move to 107.56 and the start of the correction down towards 105.14
Trading solutions: under the alternative scenario - sell from 107.56.
Aleksey PanasenkoAnalyst of «FreshForex» company
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