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Drop from 114.57 expected

Drop from 114.57 expected | 15 February 2017

15 February 2017, USD/JPY

Daily chart: bulls managed to break upper Bollinger envelope and now intend to touch upper band (115.24). Meanwhile ADX is not trending, so we can expect flat movement.

Drop from 114.57 expected

Н4: there is a nice bearish inside bar from upper Bollinger band (114.39). Such a signal may indicate drop towards 112.79 (lower Bollinger band).

Drop from 114.57 expected

Н1: upper Bollinger band points at 114.57 level, here is probable movement destination. ADX is weak, so there is no potental for further upward breakout. Support level is around 113.80 (middle Bollinger band

Drop from 114.57 expected

Expectations: touch of 114.57 followed by decline to 113.80 with general target at 112.79

Solutions: consider selling from 114.57 to 113.80 and 112.79.

Aleksey Panasenko
FreshForex Analyst
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