Correction is possible from around 111.10-111.31

18 November 2016, USD/JPY

Daily chart: bulls are in pristine condition and now we can only guess at what level they will stop. ADX is very aggressive, so resistance near 111.31 is questionable.

Н4: a similar situation: the price is overbought against high pressure from ADX. Finalization of 111.31 is much probable.

Н1: another local resistance is around 111.10 (the upper Bollinger band). Support is at 110.01 (the middle band plus the round psychological level, which was eaten by the buyers and not even noticed)

Expectations: growth towards 111.10-111.31 and then some downward correction towards 110.01

Solutions: buying is too late. It is better to wait for a strong correction signal or completely omit correction and look for new upward entries. But it probably will not happen today.

Aleksey Panasenko
FreshForex Analyst
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