We sell to 104.50 and buy from 104.41 | 03 May 2016
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.
Solutions:
1. sell to 104.50
2. Buy from 104.41
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
