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Multi-directional scenario with the bullish momentum

22 April 2016, USD/JPY

Daily chart: the pair seems to have chosen the scenario implying a breakthrough into the upper envelope and, therefore, the medium-term growth target is113.92 (upper Bollinger band). At the same time, we can not "look behind" resistance from the middle Bollinger band (110.31), which, on the background of not as strong ADX, can still manifest itself as a strong area of demand.

Multi-directional scenario with the bullish momentum

Н4: Here is also buyers' attack on weak ADX. In this case, the momentum is clearly bullish, so it is a "Fifty\fifty" scenario. If it results in the broken upper envelope, we can expect a pullback to the middle Bollinger band (109.46), and then to make medium-term purchases within the day scenario

Multi-directional scenario with the bullish momentum

Н1: the upper envelope has been already broken at the local level, but bulls have formed mutliple bars out the upper envelope, which can also be a sign of correction. We expect a downward rollback after the price will have reached new Highs.

Multi-directional scenario with the bullish momentum

Expectations: now we're waiting for a breakthrough in the area of ​​111.00, and then start of a downward rollback towards 109.58

Trading solutions: on a Sell signal around ​​111.00, we should sell to 109.58. There is a sense to place Buy limit orders around ​​109.58

Aleksey Panasenko
FreshForex Analyst
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