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Expect an upward correction prior to collapse

Expect an upward correction prior to collapse | 15 October 2015

15 October 2015, USD/JPY

The daily chart: So, after a durable accumulation, the price has produced a breakthrough of the bottom Bollinger envelope, that is a strong signal for continuation of drop. At the same time, based on a common model of working out such setups, pre-correction to the middle Bollinger band (120.00) is appropriate and possible.

Н4: чуть более локализованное сопротивление на 119.71

Н1: little more localized resistance at 119.71

Expectations: So, we wait for a rollback up to 119.29, 119.71 and possibly to 120.00, from where we will sell in the medium-term.

solutions: Skip the pullback up and enter down after a rollback.

Aleksey Panasenko
FreshForex Analyst
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