manager photo
Ask a question
We will be pleased to answer any questions you may have
Write Call
Close
Log in

Looking down for growth signals

21 April 2016, USD/JPY

Daily chart: upward correction has almost reached the middle Bollinger band (110.89), from where the price will either start working out down towards 106.84 (the bottom Bollinger band, blue arrow), a breakthrough to the upper envelope and a medium-term growth in the direction of 114.36 (the upper band, the red arrow) .

Н4: a horizontal range of the Bollinger envelopes (108.10-109.86). ADX is rising, but has not reached the trendline area yet. This makes a downward pullback from current levels and an attempt of touch of 110.59 equally probable.

Н1: the pair is overbought, whereas ADX maintains parameters of trend. Buyers are to test new Highs. Support is at 109.25 (the middle Bollinger band)

Expectations: The main scenario - touch of 110.00 and then fall to 109.25

The alternative scenario - surge to 110.59 and then a drop

Trading solutions: we are looking for a Sell signal in areas 110.00 and 110.59. Goal is 109.25

Aleksey Panasenko
FreshForex Analyst
See also:
Agree with the review?
Traders' opinion:
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .