17 February 2017, USD/JPY
Daily chart: ADX doesn't support trend ambitions yet, so expected decline towards lower Bollinger band (111.73) is likely to pass without impulse movements.
Н4: strong local support level is on lower Bollinger band (112.94). ADX is not active yet but keeps growing. That can cause further downward breakout (see purple arrow). If bears won't manage to break the level, we may see rollback towards 114.20. There we may see local bearish Over&Under (see red arrow)
Н1: there is a valid support level around 112.94. ADX is passive, so we are not likely to see downward breakout. Resistance level is at 113.53 (middle Bollinger band).
Expectations:
Core scenario - touch of 112.94 and then rollback to 113.53
Alternative scenario - downward breakout of 112.94 followed by decline towards 112.50
Solutions:
1. Consider buying from 112.94 to 113.53
2. Consider selling from 113.53 to 112.50
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