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Looking down to enter around 110.08 and 110.81

07 April 2016, USD/JPY

Daily chart: bears fully use a strong medium-term downward potential in the background of the pierced bottom Bollinger envelope, so we do not see any options for purchases (in spite of the probability of an upward rollback to the middle Bollinger band). The goal is to search for downward signals on yonger charts.

Н4: a strong resistance at the middle Bollinger band (110.81) may become an area suitable for sales. Local support - 109.43 (bottom Bollinger band).

Н1: much more localized resistance, which will also be very difficult to pass - it is 110.08 (middle Bollinger band plus round level).

Expectations: The main scenario - touch of 110.08 and then fall to 109.43

The alternative scenario - a more serious correction towards 110.81 and then an intensive downward test of 109.43.

Trading solutions: look for Sell signals on H1 around 110.08 and 110.81

Aleksey Panasenko
Analyst of «FreshForex» company
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