We expect new decline | 16 January 2017

16 January 2017, USD/JPY

Daily chart: ADX ramps up but it is not in trend yet. That allows revising the price towards middle Bollinger band (116.577) and ensuring a new drop towards 113.431

We expect new decline

Н4: there is localized resistance level around middle Bollinger band (115.063). Support level is on lower band (113.735)

We expect new decline

Н1: there is a strong valid level at 115.063 (a fusion of round psychological level with downward entry point within local bearish Over&Under pattern.)

We expect new decline

Expectations: rollback towards 115.06 and later a strong price swing to the downside towards 113.735

Solutions: consider selling in the range from 115.06 to 113.735

Aleksey Panasenko
FreshForex Analyst
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