23 January 2017, USD/JPY
Daily chart: ADX is active but still turned to the downside. It allows the price to continue upside correction but it is not likely to move higher than middle Bollinger band (115.95). All in all, the pair can at any moment continue decline to 113.25 (lower Bollinger band).
Н4: the pair might grow considering local bullish Over&Under pattern from current levels (support level is at 114.17). This matches expectations of growing to 115.95 and following decline.
Н1: we are observing strong resistance in upper Bollinger band region (115.34). It is still unclear if this level will be broken or not.
Expectations:
Core scenario - modest rise towards 115.34 followed by the start of new decline towards 114.33 and 113.25
Alternative scenario - upside breakout of 115.95 followed by reversal to the downside.
Solutions:
1. Consider selling from 115.34
2. Consider selling from 115.95
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