Consider selling from 114.0 | 17 January 2017

17 January 2017, USD/JPY

Daily chart: there is quite aggressive break of lower Bollinger envelope against the background of aggressive ADX. This is an evident signal of down move. Consider only selling.

Consider selling from 114.0

Н4: locally we are observing moving to the downside. Here a rollback towards 114.40 (middle Bollinger band) would be appropriate. From this level one may sell again.

Consider selling from 114.0

Н1: there is even more localized resistance level at 114.00 (middle Bollinger band and round psychological level). There are 4 bars in a row beyond Bollinger bands, which is correction signal.

Consider selling from 114.0

Expectations: we would expect correction towards 114.00 and later a new drop towards 113.00

Solutions: consider selling from 114.00 to 113.00

Aleksey Panasenko
FreshForex Analyst
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