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Bearish control

Bearish control | 07 February 2017

07 February 2017, USD/JPY

Daily chart: ADX is very active and supportive of buyers. The last support level in lower Bollinger band region (111.37)is likely to fall. Rollbacks are possible but we would not recommend buying at all.

Bearish control

Н4: local resistance level is in middle Bollinger band (112.67). We are observing lower envelope breakout and growing ADX. On the one hand, it indicates coming rollback to 112.67 region, and on the other hand, nobody says that decline won't start immediately.

Bearish control

Н1: more localized resistance level is at 112.27 (middle Bollinger band). We are not likely to see the pair go higher than that.

Bearish control

Expectations: touch in 112.27 and decline towards 111.65, 111.37 or lower.

Solutions: consider selling from 112.27 to 111.65 and 111.37

Aleksey Panasenko
FreshForex Analyst
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