DAILY SPOT USDJPY - Friday's call and technicals
Bearish signals on the week and in each of the last 3 days have been confirmed, investors selling the US$ yesterday to post a 4th lower daily low in a row and an initial loss of almost ½ Big Fig. However, buyers have returned to the market from close to the 50 day average rate, sentiment recovering to close little changed and to form a bullish daily Hammer. This highlights short-term bearish exhaustion, but as any gains should be temporary the outlook for Friday remains bearish and the call is to sell just modestly on the open and then at 110.96, yesterday’s high with a stop loss at 111.27, the 13 day average rate. Targets are to 110.54, yesterday’s 1pm low, 110.29, Thursday’s overall base and 110.00.
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