Great opportunity to buy; a quick end of the day fakie to the bottom of the regression channel.
Again, if the pair breaks to the t/p level look for further gains all the way to the 102.8 area.
Playing the odds; lower 2nd S/d of down trend and a supposed newly formed uptrend.
This trend looks appealing because of the oversold status of the Yen. The illustrated channel will provide a consolidation area. If broken someone should attempt to trail the position for an intermittent time period.
Broken Trend Line
Broken Support (which was making new lows- lower time frame)
Gap to be filled
Pair in Downtrend
3:1 with potential for further downside
Price below daily support turned resistance
Correlated securities in upper echelon of most recent trading range