Consider selling from 113.66 to 112.06 | 01 February 2017

01 February 2017, USD/JPY

Daily chart: the pair still sticks to decline that hasn't shown any fluctuation yet but it might be close. Now the price is trapped inside lower envelope range (112.06-114.73), that's why we would expect new wave of sells after upside rollback.

Consider selling from 113.66 to 112.06

Н4: ADX/RSI represents classical set-up for technical correction. Resistance level on middle Bollinger band (114.09) may get substantial supply of dollar and may cause local price collapse towards 112.52 and 112.02.

Consider selling from 113.66 to 112.06

Н1: more localized resistance level is in 113.66 region (upper Bollinger band). Consider selling from 112.52 region or lower, as ADX is quite active already.

Consider selling from 113.66 to 112.06

Expectations: we are expecting the price to touch 113.66 and then decline to 112.06 or lower.

Solutions: consider selling from 113.66 to 112.06

Aleksey Panasenko
FreshForex Analyst
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