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Looking for sales options on correction

11 May 2016, USD/JPY

Daily chart: bulls are in very good shape and the situation when they reach the upper Bollinger band (111.97) looks a very likely event now. Against the backdrop of a well shaped convergence of the oscillator, this scenario seems to have almost no alternative

Н4: the intermediate resistance of 109.53 (the upper Bollinger band) may correct the price around the middle band (107.80), from where, apparently, a new northern attack will run.

Н1:a local bearish divergence also says about the upcoming correction. Local support is at 108.46 (ascending bottom Bollinger band).

Expectations: The main scenario - decline to 108.46 and then start of a new ascending movement The alternative scenario - reach of 109.53 and then start of a downward correction towards 108.46

Trading solutions: looking for sales options on correction to 108.46.

Aleksey Panasenko
Analyst of «FreshForex» company
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