19 December 2016, USD/JPY
Daily chart: here we have a very strong reversal signal - bearish inside bar along with oscillator divergence. All these allows us to sell in direction of 113.88 (middle Bollinger band)
Н4: upper Bollinger band (119.41) looks still untouched. If the price will eventually touch it, that would be a nice downward entry point. Intermediate support level is on middle Bollinger band (116.69)
Н1: we already saw lower Bollinger envelope breakout then a touch of middle band and inside bar. So we can expect decline from the current levels (see red arrow). However, remembering Н4 frame we can possibly expect a rise towards 119.41 (see blue arrow)
Expectations:
Core scenario - decline from the current levels towards 116.57.
Alternative scenario - sharp touch in 119.41 and as sharp starting decline and full reversal.
Solutions:
1. Sell from the current levels towards 116.57
2. Limited sell orders in 119.41.
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