01 September 2016, USD/JPY
Daily chart: a very active trend attack on ADX promises buyers good northern outlook (in the medium run - up to 106.30)
Н4: local strong resistance 103.98 (the upper Bollinger band, plus the round psychological level). All indicators are heavily overbought. Support is around 102.45 (middle Bollinger band)
Н1: expressed massive bearish divergence of the oscillator indicates the inability of the price to move higher than 103.58-103.98, from where we can wait for a correction towards 102.93 and 102.45.
The main scenario - touch of 103.58 - 103.98 and then downward correction to 102.93 and 102.45
The alternative scenario - a direct drop to 102.93 and 102.45
Trading solutions: So, we are looking for downward entries inside 103.58 - 103.98 to 102.93 and 102.45