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Market is ready to leap, and we are looking for entries

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

Market is ready to leap, and we are looking for entries

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)

Market is ready to leap, and we are looking for entries

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)

Market is ready to leap, and we are looking for entries

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.

Aleksey Panasenko
FreshForex Analyst
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