14 March 2017, USD/JPY
Daily chart: the price is preparing to go up. Key resistance level is at 115.41 (upper Bollinger band). In case of this level breakout we will see new wave of rise towards 118.24 area.
Н4: there is a valid resistance level in upper Bollinger band region (115.41), which is very important for making further forecasts of dollar increase.
Н1: here we see bulls getting ready to attack 115.41 and there are good reasons to think they may succeed in it. Level of 115.41 is far from Bollinger envelopes, so correction to the downside also matches rise scenario.
Expectations:
Core scenario - rise to 115.41 followed by successful upward breakout of this level.
Alternative scenario - downward rollback from 115.41 to 115.00 area. From there one may consider looking for upward signals again.
Solutions: consider buying to 115.41 and in mid-term to 118.24.
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