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Two levels, where we can search entry points down

08 April 2016, USD/JPY

Daily chart: an active trend working along the bottom. At the same time, today's bar may be already the fourth outside the Bollinger envelope, which in turn can create some corrective trend in the direction of the middle band (112.29)

Н4: also determined for correction with the possible target 110.08 (the middle Bollinger band)

Н1: an intermediate resistance at the local middle Bollinger band (108.60), support is at 107.61 (such a scenario is described by the blue arrow).

Movement above 108.60 will enable surge to the upper band (109.50, red arrow).

Expectations: The main scenario - touch of 108.60 and then fall to 107.61

The alternative scenario - raise to 109.50 and then a new wave of decline to 107.61

Trading solutions: looking down for the entry points at 108.60 and 109.50. The goal - 107.61

Aleksey Panasenko
FreshForex Analyst
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