DAILY SPOT GBPJPY - Wednesday's trade idea and technicals
While Monday’s rally from the 200 day average rate ended a sequence of lower daily highs which is positive for sentiment, yesterday’s outlook highlighted potential selling interest ahead of 146.74, the last 2 week Marabuzo. This was the case, though with initial losses of 1 Big Fig keeping prices inside Monday’s up-day and above the 200 day line. Those losses have been recovered and with signals improving the outlook for Wednesday is cautiously bullish and the call is to buy on the open and then at 146.05 with a stop loss at 144.93, yesterday’s low trade. Targets are to 146.94, the 20th Mar Marabuzo line, 147.80, the 20th Mar open and 148.48/88, March high trades.
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