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Entering down at 114.17 and 114.45

Entering down at 114.17 and 114.45 | 16 February 2017

16 February 2017, USD/JPY

Daily chart: there was an attempt to test upper Bollinger band (115.34), that indicates stop of upward rollback and beginning of new decline towards lower Bollinger band (111.73)

Entering down at 114.17 and 114.45

Н4: local resistance and support levels are at 114.72 and 113.12 (upper and lower Bollinger bands). ADX is calm, so sharp price moves are not expected.

Entering down at 114.17 and 114.45

Н1: ADX/RSI treats upwards movement as technical correction, so we may expect new drop from one of the resistance levels (114.17, 114.45) and consider selling to 113.50 (around lower Bollinger band)

Entering down at 114.17 and 114.45

Expectations: touch of 114.17-114.45 region followed by decline to 113.50

Solutions: look for downward entries on levels 114.17 and 114.45 towards 113.50

Aleksey Panasenko
FreshForex Analyst
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