Correctional karma | 10 November 2015

10 November 2015, USD/JPY

Daily chart: here is a need in a correction. At the end of the day we can see both IB (as a signal for a correction) and the beginning of pullback down (with breaking of yesterday’s low).

Correctional karma

Hourly chart: local bearish O&U. Bears will be braver if they pass the support 122.97 (yellow zone), and bulls will break all bears’ plans if they move the price above yesterday’s maximum (123.60)

Correctional karma

Scenarios: 1) Decline under 122.97 and decline to 122.50 2) Flat with forming daily IB. Trading solutions: 1) Buys with breakdown of 122.97 to 122.50 (to do this from current levels is not saved as there is a risk to stay in flat with a deal)

Aleksey Panasenko
FreshForex Analyst
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