22 March 2017, USD/JPY
Daily chart: there is a strong support at 111.00-111.29. If bears manage to break this area, they may be able to enforce huge mid-term drop to 105.00 region.
Н4: the pair is heavily oversold but nobody cares because ADX shows aggressive trend. We believe, there may be a lot of bullish traps.
Н1: resistance level at 111.86 may either become possible rollback target or be potential dollar supply area.
Expectations: possible downward breakout of 111.29, followed by testing of 111.00. Here bulls may try to force rollbacks towards 111.86. However, in general we expect bears to win and force the price down to 110 point aiming at 105.00 in mid-term.
Solutions: consider selling after upside rollbacks.
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