111.73 region breakout expectations | 20 February 2017
20 February 2017, USD/JPY
Daily chart: there is decline within the proper downward trend structure, so we may expect movement continuation aiming at support level 111.73 breakout (lower Bollinger band) and lows renewing.
Н4: as we see support level at 111.73 is quite strong, so there the price may stop, while bears will take profit. On the other hand, ADX is extremely aggressive, so the price is also likely to sink further.
Н1: localized support level is in 112.65 region (lower Bollinger band). ADX is corrective, so breakout of 111.73 may occur tomorrow.
Expectations: decline to 111.73 region (with a possible delay at 112.26)
Solutions: consider selling to 111.73
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.
