14 November 2016, USD/JPY
Daily chart: So, there is a breakthrough of the upper Bollinger envelope, which is a strong bullish signal of continuation of growth. At the same time, a pre-rollback to the middle band (104.39) can take place, where the major demand in US dollar will be focused.
Н4: a better shaped support around 105.48 (middle Bollinger band), resistance is still around 108.00 (the upper band, plus the round psychological level, where big players may partly take profit and, as a result, correction of the price.
Н1: ADX is very close to start zone, so growth may begin at any time after trading inside the corridor 106.24-106.81 (the range of Bollinger envelopes).
On the other hand, we can see the downtrend movement as part of rollback to signal on the daily chart (which we discussed above).
The main scenario - touch of 106.24 and the start of upward movement to 108.00
The alternative scenario - a significant drop, to 105.46 and possibly to 104.39
Trading solutions: despite greater extent of a possible rollback, sales will be very dangerous. Therefore, a more conservative plan could be search of upward entry points on decline (under one of the described scenarios).
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