16 March 2017, USD/JPY
Daily chart: bears entered lower Bollinger envelope and now have a positional advantage for breakout of 112.13 (lower Bollinger band).
Н4: lower Bollinger envelope breakout along with weak trend ADX. That allows the price to rollback towards middle Bollinger band (114.73). From this level bears may push the price down again towards 112.13.
Н1: here we have bullish inside bar that followed several pinbars beyond Bollinger envelopes. Resistance level is around 114.46 (middle Bollinger band). However, we should not forget about strong trend ADX, so bulls should be careful with buys.
Expectations:
Core scenario- upward rollback to 114.46 region followed by drop towards 112.13 (extraday)
Alternative scenario - direct drop to 112.13.
Solutions:
1. Consider buying to 114.46
2. Consider selling from 114.46 to 112.13.