DAILY SPOT USDJPY - Friday's call and technicals
Against a background of weekly signals which have been pointing to selling into strength, Thursday’s signals switched to bearish. These were confirmed as a sequence of higher daily lows was ended with a strong near 1 Big Fig sell-off. This week’s bounce, as expected has attracted sellers back to the market at the key daily average rates but for Friday signals are pointing to the potential for dip buying, so although there is no clear bullish reversal pattern the outlook for Friday is cautious to start with and is to stay square on the open and to buy the dip at 109.38, the 16th May low with a stop loss at 108.97, May’s base, or to buy up through 110.03, Thursday’s Marabuzo line with a stop loss at 109.60. Targets above 110.03 are to 110.31, yesterday’s top and 110.67, this week’s high trade.
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