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Rebound from the zone 120.38-120.52 is expected

Rebound from the zone 120.38-120.52 is expected | 23 December 2015

23 December 2015, USD/JPY

Daily chart: the pair tends to continue decline, but at the same time, we have constraints which is conveyed by weak ADX. Key support - 120.52 (bottom Bollinger Band)

Rebound from the zone 120.38-120.52 is expected

Н4: we confirm 120.38-120.52 support zone. The resistance is 121.51.

Rebound from the zone 120.38-120.52 is expected

Н1: meanwhile the chart is within the flat range 120.83-121.25, but ADX is close to an active zone, so I would consider antry points only along edges of the range 120.38-121.51.

Rebound from the zone 120.38-120.52 is expected

Expectations: decline to the zone 120.38-120.52 and then an upward pullback to 121.25 and possibly, 121.51.

Trading solutions: 1) Buy from the zone 120.38-120.52 to 121.25 2) Sales from 121.51 to 120.52

Aleksey Panasenko
FreshForex Analyst
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