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Purchases from the zone of 120.21

Purchases from the zone of 120.21 | 28 October 2015

28 October 2015, USD/JPY

The daily chart: rather sluggish indicators along with intensive correction after breakdown of the upper Bollinger envelope. This is certainly suspicious and may indicate a signal on cancellation of further growth of the pair. However, meanwhile we have to be based on rebound from the middle Bollinger band (120.03) and growth above 122.00

Н4: confirm the strong support zone 120.00 (round level plus the rising bottom Bollinger band plus the the middle daily band). The nearest strong resistance is at 121.43 (upper Bollinger band).

Н1: more localized resistance at 120.70. Breakthrough of this zone would be a good signal telling about continuation of the bullish pressure. Before that, as we can see, perhaps even one more touch of support zone 120.21 (bottom Bollinger band).

Expectations: touch pf zone 120.21 and beginning of growth to 120.70 and 121.43 with the possible move to the 122-th figure.

solutions: We buy from the zone of 120.21 to 120.70, 121.43, 122.00

Aleksey Panasenko
FreshForex Analyst
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