DAILY SPOT EURJPY - Wednesday's trade idea and technicals
Tuesday’s signals continued to point lower and these were confirmed with sentiment posting a 2nd lower daily high and low in a row and an initial loss of almost ½ Big Fig. However, buyers have returned to the market ahead of June’s 6 month lows at 120.78/95 for sentiment to recover and to close little changed on the day. The bounce is mildly positive, but it is probably temporary profit taking. For this reason, the outlook for Wednesday remains bearish and the call is to sell on the open and then at 121.64, yesterday’s top with a stop loss at 121.91, this week’s high trade. Targets are to 121.14, yesterday’s low, 120.78, June’s base and then towards 120.10.
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