DAILY SPOT EURJPY - Thursday's call and technicals
This week’s signals have pointed to staying short and selling the rally. Yesterday’s outlook was also bearish but for the 3rd day in a row sentiment has traded mainly sideways for modest losses. Although October’s over 4 Big Fig rally has taken prices above their 50 & 100 day average rates which is positive for sentiment, topside impetus has stalled in November ahead of the 200 day line. Losses into Wednesday’s close have been extended in Asia this morning and with signals continuing to point lower the outlook for Thursday remains bearish and the call is to sell on the open and then at 120.60, today’s Asia opening trade with a stop loss at 121.04, yesterday’s top. Targets are to 120.13, today’s Asia low, 119.74, the 16th Oct base and 119.13, the 3 week low trade.
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