Swing interpretation on the Yen | 12 October 2015

12 October 2015, USD/JPY

The daily chart: it is highly probable that bears will not be able to do anything about an expressed preparation for a powerful upward swing, which we have now. With the break above 120.56 (the last top), this potential will be even greater. The medium-term objective of bulls - 123.00

H1 chart: in the area of ​​119.74 there is a significant ​​demand for the US dollar as part of the pattern O&U, so it is risky to open Buy the opening of purchase earlier than in this area.

Expectations: So, buyers can start from the current levels, but it makes sense to wait for a correction in the area of ​​119.74 and buy in the medium run to 123.00

solutions: We shall put pending buy orders in the area of ​​119.74 with stops under 119.30 and take profit at 123.00 (extraday)

Aleksey Panasenko
FreshForex Analyst
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