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We sell to 104.50 and buy from 104.41

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.

We sell to 104.50 and buy from 104.41

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.

We sell to 104.50 and buy from 104.41

Н1: So far, on this local level, buyers maintain control and that enables Sell trades to 104.41.

We sell to 104.50 and buy from 104.41

Expectations: drop to 104.41 will be followed by an abrupt upward bounce for at least 100 points.

Solutions:

1. sell to 104.50

2. Buy from 104.41

Aleksey Panasenko
FreshForex Analyst
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