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Looking for upward entry points

05 September 2016, USD/JPY

Daily chart: over-active ADX almost guarantees bulls further progress up to 106.30. In technical point of view, there are almost no alternative options against it.

Н4: a similar situation, but there is some danger of "bull trap" because the oscillator is showing signs of persistently bearish divergence that can talk about the upcoming reversal. But as a rule, such ADX parameters are not broker, so unconditional priority belongs to the northern scenario.

Н1: support local area - 103.61 (middle Bollinger band). Perhaps we will see a pullback to the area. Resistance is at the level of 104.22 (upper band)

The main scenario - touch of 103.61 and then rise to 104.22

The alternative scenario - growth to the 105th figure

Trading solutions: So, we look for buying options to 106.30 (in the middle run). The best possible area for entries is 103.61.

Aleksey Panasenko
Analyst of «FreshForex» company
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