22 November 2016, USD/JPY
Daily chart: the upper Bollinger band is aimed at 111.72, which, at the moment, is the most probable target for bulls and where we can search for signal of downward correction
Н4: we confirm resistance around the upper Bollinger band (111.72). Support lines are 110.36 and 108.97 (middle and lower Bollinger bands).
Н1: at this local frame, the pair is in a flat channel within Bollinger bands (110.36-111.26), where it could spend the day. ADX is growing, but has not reached the trendarea. We expect an upward breakthrough only if the price passes the level of 111.26.
The main scenario - flat 110.36-111.26
The alternative scenario - a breakthrough to 111.26
Trading solutions: look for the downward entries around 111.26 or 111.72
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