Looking for the entry points into Buy trades
26 September 2016, USD/JPY
Daily chart: the pair has confirmed a rebound off the lower Bollinger band (100.26). On the one hand, it opens the way up to 102.14 (middle band). But on the other hand, ADX is corrective, which means that movement is unlikely to be unidirectional.
Н4: support from the lower Bollinger band is under the round psychological level 100.00 (around 99.88). But as mathematicians say, it is in the error zone (or, if we translate into financial terms, it is in the area of market studs and removal of unnecessary buyers: 101.00 and 102.13 (the middle and upper Bollinger bands).
Н1: a better shaped support of 100.74 (the lower Bollinger band); resistance is at 101.22 (upper band). ADX is very close to the trend line, but it is corrective.
The main scenario - decline to 100.74 and then surge to 101.22
The alternative scenario - a shot in the area of 100.00, and then surge to 101.22
Trading solutions: So, we will look for purchase around 100.74 and 100.00
Aleksey PanasenkoAnalyst of «FreshForex» company
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