DAILY SPOT EURJPY - Thursday's call and technicals
Bearish signals on the week and for Tuesday have been confirmed with a strong 1 ½ Big Fig sell-off. However, with intraday sentiment oversold from close to November’s 127.49 base and to the 200 week average rate, yesterday’s signals highlighted the potential for a temporary recovery and the call was to stay square on the open and to sell the rally at 128.48. The market did in fact bounce in low volume, reaching the sell area post European close. As expected, bears have returned to the market and Thursday signals continue to point lower and the call is to sell on the open and then at 128.32, today’s opening trade ion Asia with a stop loss at 128.70, a 62% recovery to this week’s losses. Targets are to 127.61/71, this week’s lows, 127.24, the 5 week base and 126.63 October’s low trade.
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