114.58 - nice entry for selling | 06 March 2017
06 March 2017, USD/JPY
Daily chart: ADX is growing but not at its extremes yet. That allows us to expect resistance level at 114.92 (upper Bollinger band) to hold and the price to pullback towards middle Bollinger band (113.17)
Н4: here we are observing local bearish Over&Under pattern starting in 114.60 region which makes downside breakout more possible.
Н1: we expect rollback towards 114.58, there we have a very attractive region of dollar supply. From here the price may drop towards 113.17.
Expectations: rollback towards 114.58 followed by drop towards 113.17 from that region.
Solutions: consider selling from 114.58 to 113.17.
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.
