16 Desember 2016, USD/JPY
Daily chart: upward correction is close. Upper envelope is broken, indicators are in their extremes and oscillator shows bearish divergence.
Н4: level of possible high is 119.02 (upper Bollinger band and round psychological level). From here the pair might start declining towards support levels 118.12 and 116.31.
Н1: flat horizontal corridor within Bollinger envelopes (117.77-118.55) also indicates that bulls are loosing their grounds.
Expectations:
Core scenario - flat 117.77-118.55
Alternative scenario - the last upward shift to 119.05 and later rapid downward correction.
Solutions:
1. Buy around 119.00
2. Cautious selling from around 119.05.