DAILY SPOT GBPJPY - Thursday's call and technicals
September’s 9 Big Fig rally has stalled from close to the 100 day average rate as well as a weekly bear trend, and signals in each of the last 2 days have pointed cautiously lower. These have been confirmed with yesterday posting a loss of almost 1 Big Fig. Although this is negative, intraday signals remains weak as prices trade in between their 50 & 100 day average rates. However, with no sign yet that the pullback is ending the outlook for Thursday remains bearish and the call is to sell on the open and then at 133.80, Wednesday’s opening trade with a stop loss at 134.60, this week’s top. Targets are to 132.16, the 12th Sep base, 130.80, the 2 week low trade and 127.54, the 4th Sep bottom.
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