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An ambiguous situation for another day

29 April 2016, USD/JPY

Daily chart: the pair us steadily dropping along the main trend. Support is at 106.81 (the bottom Bollinger band). So far, ADX is not very active, there may be some rebound.

An ambiguous situation for another day

Н4: the is heavily oversold, with ADX close to trend zone. An ambiguous situation, with the upward reversal and continuation of the downtrend as equal probable options.

An ambiguous situation for another day

Н1: bullish convergence of the oscillator is a signal of reversal. But we know that on strong trend movements such signals are often false. Therefore, meanwhile are based on a continued downward movement from resistance 108.00 (middle Bollinger band). Breakthrough of this level will enable an upward reversal with surge to 108.83 and focus on 109.81.

An ambiguous situation for another day

Expectations: The main scenario - an upward rollback to 108.00 followed by a pullback to 106.81

The alternative scenario - finalization of 106.81 and an upward rebound towards 108.00

The fallback scenario - on a breakthrough above 108.00 can enable the upward reversal and growth to 108.83 and 109.81

Trading solutions: find the entry points from 108.00 down to 106.81, plus we can search for the entry points at support 106.81

Aleksey Panasenko
FreshForex Analyst
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