28 February 2017, USD/JPY
Daily chart: ADX is weak yet, so Bollinger envelopes range of 111.55-114.73 is likely to retain.
Н4: more localized corridor is 111.80-113.54 (Bollinger envelopes), general chart structure is still declining. Besides, now the pair is on local resistance level of 112.71 (middle Bollinger band), here we may also have dollar supply that will cause decline.
Н1: bearish inside bar beyond Bollinger envelopes allows us to consider selling with stop orders above 117.11 region aiming at 112.29 and 111.90.
Expectations:
Core scenario - decline from current levels to 112.29 or to 111.90
Alternative scenario - rise to 113.54 followed by downward breakout.
Solutions:
1. Consider selling from current levels with stop order above 113.11 and take-profit at 112.29 and 111.90.
2. Consider limited selling at 113.54
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