Dear Carry Traders,

I have posted recently that you should wait to buy this pair for a while.  The main reason for this was the Bearish Divergence on the Daily Stochastic.

As you can see (above), the price dropped for the last 2 days, and the Stochastic came down to 25% level, but not crossing up yet.

So get ready to buy, but not just quite yet.

As usual, the buy zone should be somewhere between 38.2-61.8% Fibonacci.

Looking the Hourly Chart (Below), the price is still riding 21EMA, which means “Very Bearish”.   So you have to wait until you see Higher Low & Higher High, before you can buy this pair again.

 

It could be tomorrow, or it could be next week.

 

Hope this analysis helps you build up your own plan.

 

YJ Baik – Forex.Today @ Tokyo