DAILY SPOT GBPJPY - Thursday's call and technicals
Signals in each of the last 2 days have been bearish, and these were confirmed as investors sold the cross on Wednesday to post a 3rd lower daily high in a row and a loss of over 1 Big Fig. While this week’s selling has come from the 50 day average rate, prices are subsequently trading below their 100 & 200 day lines which is negative for sentiment. With no sign the deterioration is ending the outlook for Thursday remains bearish and the call is to sell on the open and then at 143.77, the 100 day average rate with a stop loss at 144.26, a 38% recovery to the losses posted since May’s top. Targets are to 142.47, the 11 week low, 141.00, February’s base and then 140.10.
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