Dollar Yen buying phase for the carry
While the oscillators indicate another low is likely, from this perspective here, this dip offers a great opportunity to accumulate some Dollar vs Yen. Of the majors this is still the best pair to hold longs.
The idea of an Elliott triangle is pure speculation at this point, but what is certainly indicative is that the macro trend is still up and these green levels are significant price magnets and resistance.
Another low in the next week with divergence on the oscillator, or maybe even a double bottom with a stop run would be perfect.
Another possible way could be to accumulate small positions and average in.
Clearly there are also scenarios where I know I'm wrong, e.g. breaking below the mid line on the channel and below the previous candle lows, but my bias on this pair remains long.
The idea of an Elliott triangle is pure speculation at this point, but what is certainly indicative is that the macro trend is still up and these green levels are significant price magnets and resistance.
Another low in the next week with divergence on the oscillator, or maybe even a double bottom with a stop run would be perfect.
Another possible way could be to accumulate small positions and average in.
Clearly there are also scenarios where I know I'm wrong, e.g. breaking below the mid line on the channel and below the previous candle lows, but my bias on this pair remains long.
Penafian
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