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The price has launched a new downtrend, but it can roll up

The price has launched a new downtrend, but it can roll up | 15 October 2015

15 October 2015, USD/JPY

The daily chart: So, two consecutive confident crossings of swings down, and then - a full downtrend on the yen - is on effect! The minimum target for the next few days (read - the closest downward swing) - is support 116.16

H1 chart: we expect some upward pullback on the IB at the end of the downward local swing. Strength of the upward swing will determine whether we will have a daily swing up or bears will finalize the current swing.

Expectations:

1) increase from current levels around 119.00-119.40 2) A break under the last bottom (118.09) and drop for another 50-70 points.

solutions:

1) Buy with Stops around 118.20 and target 119.00-119.40

2)Be careful with sales because without a full rising swing, we have no friendly stop-loss level.

Aleksey Panasenko
FreshForex Analyst
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