Reason for the trading strategy (technically):
Price has continued to test our buying area and is starting to form a really nice reversal pattern with a recent formed. We remain looking to buy above major support at 111.11 ( , , horizontal overlap support, structure, ) for a corrective bounce up to at least 112.53 resistance ( , horizontal overlap resistance).
(34) sees major support at 34% where we expect a corresponding bounce from. We can also see signalling that a strong reversal is impending.
Correlation analysis: We’re expecting JPY weakness with AUDJPY expecting a bounce too.