21 September 2015, USD/JPY
The daily chart: current structure is very similar to a triangular consolidation, but ADX is inactive, although growing. Also Friday bar has all the characteristics of the signal pinbar. This is the bullish argument. If we assess status of the envelopes, it can be assumed that the price may reach the bottom band (118.17). Well, we have two equally probable plans for the price movement for today.
Н4: strong support from the bottom Bollinger band (119.23) actively showed itself, but there is a breakdown of the bottom envelope, so you have to be very careful around the middle band (120.21), from where sellers may start.
If Bulls easily break resistance 120.21, the North plan will receive a priority and tha pair will be waiting for resistance 121.19 (the upper Bollinger band).
Н1: confirm resistance 120.21
1) In the case of failure to break above 120.21 - we're waiting for a drop to 119.23.
2) If the price breaks 120.21 - we're waiting for growth to 121.19
Solutions: We work in the area of 120.21 based on one of the described plans.
Do you have any suggestions to make our website better? Have you noticed an error on the site? Tell us