USDJPY – DownDaily chart: upper Bollinger band (114.21) is almost broken out, which we have discussed yesterday. Considering that ADX hasn’t changed its direction we expect downside bounce from this level. Н4: many pinbars beyond upper Bollinger envelope is a strong reversa lindicator. Moreover, in 112.00 region there is strong demand within bullish Over&Under pattern Н1: local resistance level is 114.02 (upper Bollinger band and round psychological level). There are intermediate support levels on the way of possible decline at 113.55 and 112.98 (middle and lower Bollinger bands). Expectations: decline from 114.02 region towards 113.55, 112.98, 112.00. Solutions: 1. Consider selling from 114.02 to 112.00 2. Consider using buy-orders from 112.00 to 114.21.
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