24 May 2016, USD/JPY
Daily chart: the pair continues to stay within the flat wide corridor inside Bollinger envelopes (105.87-111.97). ADX is very close to the trend, it must put traders on the alert. Visually, the descending pattern is not broken and implies an upward move. But we know about the notable bullish convergence of the oscillator, which can lead to an upward reversal.
Н4: also mixed feelings about what is happening here: ADX is active, the pair in the lower envelope, there is a slight expansion of the Bollinger bands. Around 110.30 there is a potential accumulation of demand in US dollar within a bearish pattern Over&Under, upon that, sellers can start a downward movement from current levels.
Н1: a local flat accumulation inside the corridor 109.14-109.54.
Expectations: The main scenario - flat 109.14-109.54
The alternative scenario - decline to 108.83
Trading solutions: entering from current levels is unsafe. The potential area for sales is 110.30. Buying opportunities are concentrated around 108.83. We just monitor development of the situation and delay our trading until tomorrow.
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