17 March 2017, USD/JPY
Daily chart: broad flat continues in corridor of 112.13-115.18 (Bollinger envelopes range). ADX shows weak trend and correction, so market changes are not likely today.
Н4: there is a strong potential demand area around 112.13 within the framework of bullish Over&Under pattern. Moreover, ADX shows aggressive trend which indicates that bears are ready to break 112.13 area (through breakout of intermediate support level at 112.76 on lower Bollinger band).
Н1: local support level is at 113.12 (lower Bollinger band). Bands are steady but ADX is close to downtrend starting region. So we would stick to scenario of decline to 112.13 region.
Expectations: decline to 112.13 area followed by sharp rise.
Solutions:
1. Consider selling to 112.13
2. Consider buying from 112.13
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