Reason for the trading strategy (technically):
Price has reached our profit target from last week. We prepare to buy above 124.35 support ( , horizontal overlap support) for a push up to at least 125.25 resistance ( , horizontal swing high resistance).
(21,5,3) is seeing strong support above the 5% level where we expect a strong bounce from.
Correlation analysis: We’re expecting overall JPY weakness with bounces expected on AUDJPY , USDJPY and EURJPY . Hence this falls very nicely into a correlated move.