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Bulls are in search of upward entry points

Bulls are in search of upward entry points | 04 October 2016

04 October 2016, USD/JPY

Daily chart: the pair got to the upper Bollinger envelope and is in the ascendant phase of movement targeting 103.46 (the upper Bollinger band).

Н4: the upper Bollinger envelope has already been broken indicating a bullish potential. But two indicators show that the pair is overbought. So we can not exclude a correction in the direction of the middle band (101.40), where purchases will be re-considered.

Н1: support is better shaped: 101.65 (middle Bollinger band); resistance is 102.30 (upper band). The pair is oversold, but I would strongly warn you against sales in this phase

Expectations: a downward correction is possible (in the direction of 101.65), but we should skip it to search for buy signal for the medium-term goal 103.46

Solutions: in case of a downward correction - buy in the area of ​​101.65. If bulls continue to exert pressure, we will have to be patient and wait for a downward pullback to minimize stop orders.

Aleksey Panasenko
FreshForex Analyst
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