07 October 2016, USD/JPY
Daily chart: ADX has entered an active trend zone, so probably today an oucome will take place. And bulls certainly have a positional advantage to take a leap for more 300 points (around 106.74. The question is only whether any downward rollback will happen, where you can buy the dollar for less amount of yen
Н4: from a technical point of view, a downward correction from 104.47 (upper Bollinger band) is going to take place. But today the market can ignore technical point of view (remember about NFP). Support is at 103.10 (middle Bollinger band)
Н1: another argument in favor of the downward rollback - divergence of the oscillator. Resistance is at 104.17, support is at 103.52 (lower Bollinger band)
The main plan: a downward rollback from 104.17-104.47 in the direction of 103.10-103.52, where new upward entries can be found.
The alternative plan: growth without any rollback. The goal is the 106th figure
Trading solutions: Looking for upward entries on a downward pullback.
We are constantly improving our website quality. If you have any suggestions on how to make our website better or noticed an error on the website, please tell us