We expect new decline | 16 January 2017
16 January 2017, USD/JPY
Daily chart: ADX ramps up but it is not in trend yet. That allows revising the price towards middle Bollinger band (116.577) and ensuring a new drop towards 113.431
Н4: there is localized resistance level around middle Bollinger band (115.063). Support level is on lower band (113.735)
Н1: there is a strong valid level at 115.063 (a fusion of round psychological level with downward entry point within local bearish Over&Under pattern.)
Expectations: rollback towards 115.06 and later a strong price swing to the downside towards 113.735
Solutions: consider selling in the range from 115.06 to 113.735
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
