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Looking for upward entry points on decline

09 September 2016, USD/JPY

Daily chart: ADX is going through correction, so the main trend is trading around the middle Bollinger band(101.85)

Н4: equally probable scenarios are growth to 104.00 (upper Bollinger band) and drop to 100.72 (bottom band). ADX is weak and corrected

Н1: a better shaped support area - 101.88 (middle Bollinger band); resistance (upper band) is 102.66. The oscillator is heavily overbought, but ADX remains in a very active trendarea. On the one hand, drop to 101.88 is very likely, on the other hand, a bearish trap is probable. Therefore, we should wait until the end of decline to 101.88 to test this zone regarding a buy signal. If we get Buy signals there, purchases will have more relevant.

The main scenario - decline to support 101.88 and then rise to 102.66.

The alternative scenario - an abrupt upward move to 103.00 with an eye to 104.00

Trading solutions: look for Buy options (around 101.88)

Aleksey Panasenko
FreshForex Analyst
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