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Drop to 111.57 expected!

Drop to 111.57 expected! | 13 February 2017

13 February 2017, USD/JPY

Daily chart: previous week closed very favorably for bears with pinbar from middle Bollinger band. Considering distinct descending pattern one can sell from current levels with stops at Friday highs. Mid-term target is lower Bollinger band (111.57) and lower levels.

Drop to 111.57 expected!

Н4: technical downward correction towards 112.64 and 111.57 (middle and lower Bollinger band).

Drop to 111.57 expected!

Н1: here we are also observing trading set-up that agree with day chart: very active trending ADX along with lower Bollinger envelope breakout. One can sell towards 111.57 without hesitation!

Drop to 111.57 expected!

Expectations: drop to 111.57 from current levels.

Solutions: consider selling to 111.57 from current levels.

Aleksey Panasenko
FreshForex Analyst
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