20 March 2017, USD/JPY
Daily chart: bears are aiming at breakout of lower Bollinger band (112.00). ADX shows weak and corrective trend, so price movement may be choppy.
Н4: intermediate support level in 112.33 region (lower Bollinger band). Here ADX shows aggressive trend, so we may expect breakout of 112.00 region. Moreover, there is likely to be high dollar demand in 112.00 region, where we have bullish Over&Under pattern.
Н1: local resistance level is at 113.12 (middle Bollinger band), support level is at 112.49 (lower Bollinger band).
Expectations:
Core scenario - decline towards 112.00
Alternative scenario - rollback to 113.12 followed by drop towards 112.00
Solutions:
1. Consider selling to 112.00
2. Consider setting mid-term buy limit orders from 112.00.
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