Reason for the trading strategy (technically):
We remain looking to buy on dips above 109.80 support ( , , ) for a push up to at least 111.59 resistance ( , horizontal overlap resistance).
(34) sees signalling that a bounce is impending. The previous occurrence of such a led to a huge rally.
Correlation analysis: We are seeing JPY weakness across the board with bounces expected on USDJPY , AUDJPY and EURJPY .