USDJPY Technical Analysis 06.10.2016

USD/JPY

The pair is receiving a strong support amind the rise in demand on the Japanese stock market. It is also pushed by the high odds of the US interest rate hike influenced by the release of the data on the americal economy on Wednesday and the speeches of Lacker and Fisher (Fed's representatives).

The price is higher than the middle Bollinger band, higher than SMA5 and SMA14. RSI is in the overbought zone. Stoch also reside in the mentioned zone.
 

Trading recommendations: Buy the pair while it is correcting down with target of 104.30, but only it is remains higher than 103.15.