USDJPY: Dip buys in play

USDJPY: Dip buys in play

Key Support: 108.85 – 108.75
Key Resistance: 109.65

The USDJPY has been trading inside of a very structured bullish market for the past week and we are looking to capitalize on a dip buy to test the previous key level and the bottom of the structure.

In the long term we are still holding our buys from last week and this buy today is adding on our already bullish bias. This bias is Yen triggered as we believe the Yen has more downside with equities rocking up.

Structure wise, after last hour´s bullish rejection we got our entry and my oscillator is printing some heavy bullish divergence.

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Author : Orlando Gutierrez

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