DAILY SPOT USDJPY - Thursday's call and technicals
Despite this week’s improvement, a loss of topside momentum on Tuesday with prices testing their 13 day average rate, but the absence of a sell signal left Wednesday’s signals mixed and neutral. These were confirmed as sentiment traded sideways inside the specified range for a little changed close, the 2nd in a row. However, sellers have returned to the market in Asia this morning and although losses have been modest signals have weakened. The outlook for Thursday is therefore bearish, but until June’s base is broken the call is a cautious one, selling on the open and then at 108.50, today’s opening trade in Asia with a stop loss at 108.92, the 31st May Marabuzo line. Targets are to 108.16, today’s Asia low, 107.81/88, June’s base and 107.20.
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