DAILY SPOT AUDJPY - Thursday's call and technicals
Wednesday’s signals continued to point cautiously lower, but with this week’s losses from in between the 50 & 100 day average rates also potentially corrective and temporary the call was a cautious one. This was confirmed with losses of 1½ Big Fig and a close below the 13 day line. A sequence of higher weekly lows has been broken and with signals continuing to point lower, but with intraday sentiment oversold the outlook for Thursday is just cautiously bearish and the call is to sell just modestly on the open and then at 78.61, the 13 day line with a stop loss at 79.09, Tuesday’s low trade. Targets are to 77.51/56, the 2 & 3 week lows, 76.74, the 4 week base and 75.23, the 4th Jan low trade.
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