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Business / Finance

Determination of potential trend - USDJPY. Two scenarios for today!

FreshForex news RSS 07.11.2018 at 23:14

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USDJPY - Down

Daily chart: ADX is close to the trend area, which will threaten a break of the upper Bollinger envelope (113.55), which in turn would lead to further distribution of strong trend up (see red arrow).

But, as the saying goes, "almost doesn't count". Therefore, it is necessary to keep in mind the scenario to bounce back from 113.55 that would have lowered quotes in the direction of 112.62.

H4: a similar picture here: test the resistance level of 113.55, and support, which can undergo downward correction - 112.28 and 112.95 (middle and lower Bollinger band).

H1: bearish pin bar formed from the upper Bollinger band may be a signal of the beginning of correction in the direction of 113.28 and 112.95 (see black arrow).

the Reverse is also true: if this pin will be offset by a bullish movement above its maximum, and the total potential will have a dominant role, and the pair will grow up to 115.00.

Expectations:

the Main scenario - growth to 115.00.

the Alternative scenario - a decrease from the current levels in the direction of 113.28 and 112.95.

Trading decisions: finding signals in the direction of 115.00.

And you know where the highest yield on JPY?

Even more trading tools. Read more...

With other analytical reviews you can find on the website "FreshForex".