DAILY SPOT USDJPY - Thursday's call and technicals
Although Tuesday’s bullish signals were confirmed with a strong up-day and a 6th higher daily low in a row, with prices testing their 50 & 100 day average rates yesterday’s signals were more cautious and neutral. These were confirmed as sentiment traded sideways inside Tuesday’s range for a modest down-day. The pullback is mildly negative and further losses in Asia, while not maintained, have ended the trend of higher daily lows. So with signals pointing lower the outlook for Thursday has switched to bearish and the call is to sell on the open and then at 110.49, yesterday’s opening trade with a stop loss at 110.85, the 7th May top. Targets are to 110.17, today’s Asia low, 109.80, this week’s base and 109.49, Friday’s low trade.
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