Strong multidirectional signals | 12 January 2017

12 January 2017, USD/JPY

Daily chart: Strategical support of 115.12 (lower Bollinger band) is broken, by doing this bears provided themselves with confirming of general downstream. That's why, if the price rolls back, one may look for new downward entry points.

Strong multidirectional signals

Н4: here we are observing substantial pinbar from lower Bollinger band (115.12) with false break of the level. That allows us to count on significant upward correction (approximately to 116.89)

Strong multidirectional signals

Н1: lower Bollinger envelope is broken, that is the signal of decline. However, from the technical point of view, rollback towards middle band (115.95) is also appropriate

Strong multidirectional signals

Expectations:

Core scenario - touching in 115.12 and later rise towards 115.95

Alternative scenario - upshift to 116.89

Solutions:

1. Consider buying from around 115.12 to 115.95

2. Consider looking for selling signals around 115.95 and possibly 116.89

Aleksey Panasenko
FreshForex Analyst
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