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Looking for chances to enter to the bottom

06 April 2016, USD/JPY

Daily chart: So, yesterday the bottom Bollinger envelope was confidently broken, which is a very strong short-signal (for example, a big drop of oil from the mark of 94 had started with such a signal on the monthly chart). But usually such a scenario implies a rollback to the middle Bollinger band (112.42). Therefore, we will need patience to find the best possible entry points to the bottom.

Looking for chances to enter to the bottom

Н4: So far, local resistance, which could act as the demand for US dollar, is represented by the middle Bollinger band (111.27). Support is based at the bottom band (109.80)

Looking for chances to enter to the bottom

Н1: locally the pair is based in the horizontal corridor 110.14-110.63

Looking for chances to enter to the bottom

Expectations: The main scenario - flat 110.14-110.63

The alternative scenario - correction to 111.27

Trading solutions: so, no purchases! We are waiting for chances to enter down around 110.63 and 111.27

Aleksey Panasenko
FreshForex Analyst
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