Forex Technical Analysis: Trend potential – Still preparing for reversal
USDJPY – Down
Daily chart: previous day was closed by very promising bearish inside bar, that allows us to expect starting reversal, its first target might be 115.00 (middle Bollinger band). Prior to that a touch of upper line (118.89) is possible. Around this line there is perfect selling range.
Н4: horizontal corridor is within Bollinger envelopes (116.87-118.17). We see that ADX is passive, so we expect this corridor to be stable.
Н1: more localized flat corridor 117.24-117.82 with the same key values of indicators. If there will be no surprises, we expect flat today.
Expectations: flat in 117.24-117.82
Solutions: consider skipping trades, or selling from 117.82