The price has been dropping perfectly towards our profit target. We prepare to buy above major support at 110.21 (Fibonacci extension, horizontal swing low support, bullish divergence) for a push up to the 111.43 resistance (Fibonacci retracement, horizontal overlap resistance).
The RSI (34) is displaying bearish divergence, while the price signalling that a bounce is impending.
Correlation analysis: We are expecting general JPY weakness on AUD/JPY and USD/JPY so this goes in line with our view.
Buy above 110.21. Stop loss at 109.72. Take profit at 111.43.
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