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Purchases around 109.54

19 May 2016, USD/JPY

Daily chart: Bulls are moving towards the upper Bollinger band (112.21) aggressively and confidently, where they will be questioned regarding their ability to break this area through and finally form an upward reversal of the pair.

Н4: a classical bullish pattern - breakon upper Bollinger envelope. We are waiting for a rollback to the middle zone area (109.17), which is now the best possible area of ​​demand in US dollar and, accordingly, a new start of the upward movement

Н1: local support is at 109.54 (middle Bollinger band). There are signs of divergence of the oscillator, which also contributes to the downward correction.

Expectations: now we are waiting for a downward pullback to 109.54 and then a new surge of the price above 110.23 (with an overall target 112.21)

Trading solutions: buy from 109.54 to 110.50 and 112.21 (extraday).

Aleksey Panasenko
Analyst of «FreshForex» company
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