DAILY SPOT USDJPY - Friday's call and technicals
Our 1st downside weekly target for temporary losses was narrowly missed on Wednesday and yesterday’s signals switched back to bullish. However, despite ending a sequence of lower daily highs with initial gains of over ¼ Big Fig, the rally has attracted sellers from close to 111.72, a 50% recovery to the losses posted since April’s 2019 top. Signals for Friday remain bullish, though the lack of upside yesterday leaves the call more cautious and it is to buy on the open and then at 111.34, yesterday’s low with a stop loss at 110.99, this week’s base. Targets are to 111.61, yesterday’s high, 111.85, this week’s top and 112.40, April’s high trade.
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