04 May 2016, USD/JPY
Daily chart: the chart suggests continuation of a technical correction to at least to the middle Bollinger band (109.02). As we can seen, the oscillator has a well-shaped bullish convergence that is a reversal signal, too.
Н4: On the local level, the pair is clamped within the Bollinger envelopes (105.89-107.82). On the local level we can consider the bullish O&U pattern. Therefore, it is preferable to buy on decline.
Н1: we confirm presence of the O&U pattern around 106.15. We expect decline in this area and open purchases on this drop.
Expectations: drop to 106.15, then rise to 107.47 with an eye to 109.02
Trading solutions: buy around 106.15 to 107.47 and 109.02 (extraday).