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Consider entring down

Consider entring down | 20 December 2016

20 December 2016, USD/JPY

Daily chart: It seems that it was hard for bears to break down inside bar, which was, obviously, a reversal one, but they did it. So we can consider that there was a reversal and now there might be a few formalities left (like another touch in 118.42).

Consider entring down

Н4: we can draw quite the same conclusions looking at this frame. Local support levels are 115.64 and 114.35, they might be the nearest targets.

Consider entring down

Н1: here we might see local downtrend in action, so we don't expect the pair to go higher than resistance levels 117.37 and 117.70.

Consider entring down

Expectations: we expect decline towards 115.64 (before that there might be a touch in 117.70)

Solutions: consider finding downward entry points around 115.64.

Aleksey Panasenko
FreshForex Analyst
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