10 July 2015, USD/JPY
Daily chart the pair is actively moving towards the middle Bollinger band (123.04), from where we expect a new downward wave to (the bottom band).
Н4: here we have a similar layout. 123.04 – a strong resistance that can be used to open short trades.
Н1: breakthrough of the the upper envelope in a local point enables bulls to take over and potentially push the price towards 123.04 from the middle Bollinger band (121.62)
Expectations: 1) Decline to 121.62 and then growth to 123.04. 2) A direct growth to 123.04 and then start of the middle-term decline.
1) Purchase from 121.62 to 123.04
2) Sales from 123.04 to 120.63 (in middle-term run)