DAILY SPOT EURJPY - Tuesday's call and technicals
Against a background of bearish signals on the week, Monday saw sentiment post a 4th lower daily high & low in a row and an initial loss of almost 1 Big Fig. However, buyers have returned to the market following a fresh 2 ½ year low at 117.67, sentiment recovering into the close to end little changed and forming a daily Hammer. Further gains in Asia this morning may be temporary, but with signals improving the outlook for Tuesday is cautiously bullish and the call is to buy modestly on the open and then at 119.10 with a stop loss at 118.37, today’s Asia low trade. Targets are to 119.87, today’s Asia high, 120.72, Thursday’s top and 121.39, last week’s high trade.
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