21 April 2016, USD/JPY
Daily chart: upward correction has almost reached the middle Bollinger band (110.89), from where the price will either start working out down towards 106.84 (the bottom Bollinger band, blue arrow), a breakthrough to the upper envelope and a medium-term growth in the direction of 114.36 (the upper band, the red arrow) .
Н4: a horizontal range of the Bollinger envelopes (108.10-109.86). ADX is rising, but has not reached the trendline area yet. This makes a downward pullback from current levels and an attempt of touch of 110.59 equally probable.
Н1: the pair is overbought, whereas ADX maintains parameters of trend. Buyers are to test new Highs. Support is at 109.25 (the middle Bollinger band)
Expectations: The main scenario - touch of 110.00 and then fall to 109.25
The alternative scenario - surge to 110.59 and then a drop
Trading solutions: we are looking for a Sell signal in areas 110.00 and 110.59. Goal is 109.25