25 January 2017, USD/JPY
Daily chart : ADX is very active and bearish. Key resistance level protecting possible downtrend is middle Bollinger band (115.63). Any upside breakout would mean weakening of bears.
Н4: there are two strong barriers: resistance levels at 114.02 (middle Bollinger band and round psychological level) and 115.63 (fusion of day middle and H4 upper Bollinger bands). Each one of them may send the pair back down to start new downside swing.
Н1: bearish inside bar is a nice short signal. All in all, conclusion is similar to h4 one - upside breakout of 114.02 will set bulls loose. As long as the price is below 114.02 we would stick to bearish strategy.
Expectations:
Core scenario - decline following touch in 114.02 region. Targets: 113.27, 112.90, 112.59
Alternative scenario - upside breakout to 115.63 (in case of resistance breakout at 114.02)
Solutions:
1. Consider selling from 114.02 to 112.60
2. Consider buying towards 115.63 (in case of upside breakout of 114.02)
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