A strong reversal signal
17 November 2016, USD/JPY
Daily chart: a good bearish pinbar was formed after a strong movement (plus the one generated from the round price level 110.00), may be a signal for start of correction to the middle Bollinger band (105.26)
Н4: ADX/RSI is also in a correctional phase. Support lines 108.24 and 106.46 (middle and lower Bollinger band, respectively) can drop.
Н1: by the time of this publication, a bearish pattern Over&Under has been formed with the sale entrance point in 109.30. An upward pullback can start in the area of 108.24.
Expectations: a rollback to 109.30 followed by the main phase of a downward reversal.
Solutions: Put Limit sell orders at 109.30 with Stop orders above the last peak, profit shall be settled at 106.46 (extraday)
Aleksey PanasenkoAnalyst of «FreshForex» company
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