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Still preparing for reversal

Still preparing for reversal | 22 December 2016

22 December 2016, USD/JPY

Daily chart: previous day was closed by very promising bearish inside bar, that allows us to expect starting reversal, its first target might be 115.00 (middle Bollinger band). Prior to that a touch of upper line (118.89) is possible. Around this line there is perfect selling range.

Still preparing for reversal

Н4: horizontal corridor is within Bollinger envelopes (116.87-118.17). We see that ADX is passive, so we expect this corridor to be stable.

Still preparing for reversal

Н1: more localized flat corridor 117.24-117.82 with the same key values of indicators. If there will be no surprises, we expect flat today.

Still preparing for reversal

Expectations: flat in 117.24-117.82

Solutions: consider skipping trades, or selling from 117.82

Aleksey Panasenko
FreshForex Analyst
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