DAILY SPOT USDJPY - Tuesday's call and technicals
This week’s signals have pointed to staying long and buying the dip at 111.25. This was close to yesterday’s base as initial losses of almost ½ Big Fig attracted buyers near Wednesday’s 111.20 low, but for sentiment to close with a modest down-day. The last 2 week rally has stalled ahead of the 200 week average rate as well as March’s 112.13 top and prices are trading around their 200 day average rate. Intraday signals are not strong, but for Tuesday they have a temporarily negative bias and the call is to sell on the open and then at 111.58, today’s Asia high with a stop loss at 111.90, the 4 week top. Targets are to 111.20, Wednesday’s low, 111.00, the 100 day average rate and 110.75, April’s base.
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