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100-pip trading corridor

100-pip trading corridor | 21 February 2017

21 February 2017, USD/JPY

Daily chart: ADX is falling, Bollinger envelopes are stable in 111.73-114.77 range, all that retains general downward chart structure.

100-pip trading corridor

Н4: more localized flat corridor of 112.61-114.02 (Bollinger envelopes range). Here ADX is growing and active, so bulls may fall into the bearish trap set during the previous day session.

100-pip trading corridor

Н1: here we have reversal bullish Over&Under pattern with potential dollar demand region around 113.00. Resistance level in 113.69 region (upper Bollinger band) may cause correction towards 113.00

100-pip trading corridor

Expectations: touch in 113.69-114.02 followed by decline towards 113.00 region

Solutions: consider selling from 114.02 to 113.00

Aleksey Panasenko
FreshForex Analyst
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