DAILY SPOT USDJPY - Tuesday's call and technicals
Despite ending a sequence of higher weekly lows, last week’s buying from close to the 50 day average rate has left this week’s signals pointing cautiously higher. While Monday posted a 4th higher daily low in a row gains have so far been limited. Intraday signals are subsequently not strong, but in the absence of a bearish reversal pattern the outlook for Tuesday remains cautiously bullish and the call is to buy on the open and then at 108.03, today’s Asia low with a stop loss at 107.65, Friday’s base. Targets are to 108.43, September’s high, 108.67, the last 9 week open and 109.32, August’s top.
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