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The possibility of downward correction from zone 124.00

The possibility of downward correction from zone 124.00 | 17 November 2015

17 November 2015, USD/JPY

The daily chart: an impressive absorption from buyers. The nearest goal - the upper Bollinger band (123.96). Then - 125.06

Н4: a local flat range is still maintained. This leaves chances for another pullback to the bottom border (122.40)

Н1: we confirm impressive area of ​​demand for 122.40, so psychological level of 124.00 may take a downward correction

Expectations: The main scenario - Touch of the zone 124.00, followed by decline to the zone 122.40, where, we assume the wave will go to 125.06. The alternative scenario - a direct growth to 125.06

solutions: 1) When there are short signals on H1 around ​​124.00 - we can sell to 122.50. 2) In the area of ​​122.40 we buy to 125.06 (extraday)

Aleksey Panasenko
FreshForex Analyst
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