DAILY SPOT GBPJPY - Friday's trade idea and technicals
Bearish signals on the week have been confirmed and daily signals in each of the last 3 day shave been oversold, but also pointing lower. However, Thursday’s initial losses to a fresh 6 month low at 133.84 has attracted buyers back to the market, sentiment recovering to end a sequence of lower daily highs. This is short-term positive, so with a good deal of caution the outlook for Friday has switched to bullish and the call is to buy on the open and then at 134.40, Thursday’s Marabuzo line with a stop loss at 133.84, yesterday’s base. Targets are to 135.27/39, Tuesday’s high & this week’s opening trade, 135.85, this week’s top and 136.73, the 2nd July Marabuzo line.
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