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Sales on correction are possible

15 November 2016, USD/JPY

Daily chart: the price has broken the upper Bollinger envelope again giving grounds for correction to the middle band to move to new highs in the medium run.

Н4: local resistance at 108.84 (upper Bollinger band) can still be tested. Support is at the middle Bollinger band (106.98), after break of which we can talk about the local downward reversal.

Н1: flat corridor inside Bollinger envelopes (107.71-108.56). ADX is weak, so the day can be spent within the flat inside this corridor.

The main scenario - flat 107.71-108.56

The alternative scenario - fall to 107.00

Trading solutions: consider sales on correction to 107.71 and 107.00 from around 108.56

Aleksey Panasenko
FreshForex Analyst
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