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100-pip upward correction is coming

100-pip upward correction is coming | 29 December 2016

29 December 2016, USD/JPY

Daily chart: long-awaited downturn continues. On the pair's way there is a strong support level 115.85 (middle Bollinger band), but, in general, it is not dangerous for bears and not that important for bulls.

100-pip upward correction is coming

Н4: three bars beyond envelopes range in a row is a very nice correction signal. It seems that there would be an upward rollback from 115.85, and later one might look for downward entry points again.

100-pip upward correction is coming

Н1: there is the same situation: the key indicators are in their extremes, that once again leads to correction. 115.85-116.00 range might be a starting point of upward rollback towards 117.19 (middle Bollinger band).

100-pip upward correction is coming

Expectations: decline towards 115.85-116.00 and later starting upward rollback towards 117.19.

Solutions: buy from the range 115.85-116.00 towards 117.19

Aleksey Panasenko
FreshForex Analyst
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