10 November 2015, USD/JPY
Daily chart: here is a need in a correction. At the end of the day we can see both IB (as a signal for a correction) and the beginning of pullback down (with breaking of yesterday’s low).
Hourly chart: local bearish O&U. Bears will be braver if they pass the support 122.97 (yellow zone), and bulls will break all bears’ plans if they move the price above yesterday’s maximum (123.60)
Scenarios: 1) Decline under 122.97 and decline to 122.50 2) Flat with forming daily IB. Trading solutions: 1) Buys with breakdown of 122.97 to 122.50 (to do this from current levels is not saved as there is a risk to stay in flat with a deal)