looking for resumption of phase 1 continuation of uptrend on the daily timeframe
. Phase 1 moves up are generally twice as long as pullbacks (phase 2) meaning daily chart
indicating resumption of phase 1 is imminent which will be confirmed by candlesticks
on lower timeframes starting bullish
. Also looking for price to come back up towards 200 EMA
around the .72 level further confirming the decent risk:reward ratio here. Last daily candle was strong and bullish
so waiting for buyers to clearly resume the uptrend before entry, maybe one
to watch this space on. I like to keep my charts fairly vanilla but MACD
is building back up through 0 again which gives me further confidence.
In the grander scheme, I am expecting stronger Yen over the foreseeable but this shouldn't jeopardise the trade too much (famous last words).