30 March 2017, USD/JPY
Daily chart: at the current moment the pair is in lower Bollinger envelope range (109.97-112.97). Besides, Bollinger bands are declining and ADX/RSI do not show active trend. In general the chart is likely to keep dropping.
Н4: horizontal Bollinger envelopes are within 110.11-111.55 area.
Н1: local support level is in 110.82 region (lower Bollinger band). If it will be broken, bears may be able to implement local reversal Over&Under pattern. So bulls are likely to defend this region.
Expectations:
Core scenario - price touching 110.82 and then rebounding higher.
Alternative scenario - downside breakout of 110.82 followed by drop to 111.11
Trading signals:
1. Consider selling to 111.82
2. Consider buying from 110.82
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