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Looking for downward entry points around 103.06 and 103.33

05 October 2016, USD/JPY

Daily chart: the pair is very close to the main goal - 103.33 (upper Bollinger band). Taking into account insufficient parameters of ADX, we expect a downward bounce toward the middle band (101.70). But we can not ignore rising structure of ADX, so sales from the level are a dangerous strategy. It is safer to wait for confirming signals on smaller charts.

Н4: at this local frame, bullish front is exhausted that supports our assumption on an early downward rollback from around 103.33.

Н1: a better shaped resistance level 103.06 (the upper Bollinger band plus the round psychological level). Support lines are at 102.52 (middle band) and 101.94 (the lower Bollinger band)

The main scenario - touch of zone 103.06 followed by a downward bounce towards 102.52 and possibly to 101.94

The alternative scenario - surge to 103.33 and then correction to 102.52 .

Solutions: look for downward entry points around 103.06 and 103.33

Aleksey Panasenko
FreshForex Analyst
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