Unrestrained growth and possible correction | 15 December 2016

15 December 2016, USD/JPY

Daily chart: aggressive bullish ADX indicates that the market is ready to conquer new highs (119.00-120.00 range). Sells are strictly prohibited:)

Unrestrained growth and possible correction

Н4: despite strong uptrend, here we can see correctional signals such as 4 bars beyond upper envelope. The pair could also roll back from some psychological level, for instance, from 118.00. Support level is 115.64 (middle Bollinger band)

Unrestrained growth and possible correction

Н1: this is a potential range of possible downward rollback, this is upper Bollinger band (118.66). Support level is localized in 116.37 (middle Bollinger band).

Unrestrained growth and possible correction

Expectations: we expect pair growth to 118.66 and later rollback to 116.37.

Solutions:

1. Buy closer to 118.66

2. Sell in the range from 118.66 to 116.37

Aleksey Panasenko
FreshForex Analyst
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