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Skipping a possible upward correction from 103.89

26 July 2016, USD/JPY

Daily chart: the pair has almost finalized support area 103.89 (middle Bollinger band), from where there are only two ways: either back up to 107.55, or a breakthrough lower to 100.23 (lower band).

Н4: very strong ADX, so zone 103.89 may be under exposure. Nevertheless, correction arises towards the middle Bollinger (105.98). Buying on a correction is extra risly.

Н1: intermediate support 104.25 (bottom band). Resistance is at 105.56 (middle Bollinger band). Also a very active bearish ADX, but the pair is heavily oversold. The best tactic is to skip upward pullbacks to search for the downward entry points.

The main scenario - decline to 103.89 and then upward correction towards 105.56

The alternative scenario - an upward pullback from 104.25

Solutions: wait for upward pullback to search for the downward entry points to zone 105.56

Aleksey Panasenko
FreshForex Analyst
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