DAILY SPOT EURJPY - Thursday's call and technicals
Two of yesterday’s topside targets were met, as in line with a bullish forecast, investors bought the market to post a 2nd higher daily low & high in a row and an initial gain of almost ¾ Big Fig. The rally is potentially corrective profit taking and sellers have returned to the market from close to the 50 day average rate, sentiment deteriorating on Wednesday to close little changed. This is negative and with signals pointing lower the outlook for Thursday is bearish and the call is to sell on the open and then at 121.70, today’s Asia high with a stop loss at 122.29, yesterday’s top. Targets are to 121.30, Tuesday’s low, 121.02, this week’s open and 120.78, this week’s low trade.
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