DAILY SPOT USDJPY - Friday's call and technicals
Thursday’s signals continued to point higher and these were confirmed with sentiment posting a 2nd higher daily low & high in a row and a gain of almost 1 Big Fig. A sequence of lower weekly highs has been ended which is positive, but the rally may be corrective and prices are trading towards 107.46, a 62% recovery to the Jul-Aug losses as well as the last 5 week Marabuzo line at 107.63, levels which may attract sellers. In the absence of a reversal pattern yet though the outlook for Friday remains bullish and the call is to buy on the open and then at 106.66, Thursday’s Marabuzo line with a stop loss at 106.28, the 13 day average rate. Targets are to 107.18/23. The 50 day average rate & yesterday’s top, 107.46, a 62% recovery to the Jul-Aug losses and 108.31, the 100 day line.
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