03 May 2016, USD/JPY
Daily chart: a continued bearish pressure. Oscillator still shows the signs of bullish convergence, therefore, given the high degree of oversoldness, in the near future we can expect reversal of the pair.
Н4: a potential support - 104.41 (bottom Bollinger band). We see that oversoldness is also very big, so the probability of an upward rebound is high.
Н1: So far, on this local level, buyers maintain control and that enables Sell trades to 104.41.
Expectations: drop to 104.41 will be followed by an abrupt upward bounce for at least 100 points.
1. sell to 104.50
2. Buy from 104.41