DAILY SPOT USDJPY - Friday's call and technicals
Bullish signals on the week have been confirmed, but with the 1 ¾ Big Fig rally since last week’s 109.70 base stalling at the 200 day average rate and from close to March’s developing daily bear trend, the outlook in each of the last 3 days has been more cautious, requiring a break of the 2 week top at 111.70 to signal further gains. This level has been broken and with signals pointing higher, but with intraday day sentiment overstretched the outlook for Friday is just cautiously bullish and the call is to buy on the open and then at 111.49, the 200 day line with a stop loss at 111.20, Wednesday’s base. Targets are to 111.85, the 3 week high, 112.13, March’s top and 112.50.
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