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Drop is coming

Drop is coming | 10 February 2017

10 February 2017, USD/JPY

Daily chart: ADX/RSI sharply changed to correction, by this it confirms strong resistance level at 113.52 (middle Bollinger band).

Drop is coming

Н4: strong ADX, however, there are four pinbars in the row beyond Bollinger envelopes (that is reversal signal). In any case this chart needs correction towards 112.46. However, bulls might surprise us with another sharp upside move.

Drop is coming

Н1: here one can feel the full readiness to unleash downside correction towards support levels at 113.19 and 112.46 (middle and lower Bollinger band)

Drop is coming

Expectations: downside correction towards 113.19 and 112.46 (may follow touch of 114.13; from here one may consider selling).

Solutions: consider selling to 113.19 and 112.46 (the best option is to sell from 114.13)

Aleksey Panasenko
FreshForex Analyst
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