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Looking for upward entry points

09 August 2016, USD/JPY

Daily chart: the scenario with upward correction toward the middle Bollinger band (104.04) has been justified.

Looking for upward entry points

Н4: a local upward trend. We are waiting for correction to the middle Bollinger band (101.64), and then buy expecting finalization of 104.04

Looking for upward entry points

Н1: support is at 102.31, resistance is at 102.69. As you can see, bulls are not willing to see the price around ​​101.64, because a bearish reversal pattern Over&Under will be formed. A strong support around the bottom band (101.91) (at the same time, it is a psychological level 102.00) plays in hand of buyers.

Looking for upward entry points

The main scenario - touch of 102.31 followed by a surge towards 104.04

The alternative scenario - fall to 101.91 Solutions: We should look for upward entry points around 102.31 and 101.91

Aleksey Panasenko
FreshForex Analyst
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