DAILY SPOT USDJPY - Tuesday's call and technicals
A rising trend of higher daily lows and highs and improving sentiment above the 50 & 100 day average rates have kept this week’s signals pointing higher. However, with weekly sentiment alternating between bullish and bearish for 4 weeks in a row and with prices trading towards the 200 day line the call is a cautious one. Monday saw bullish momentum stall though with prices trading sideways inside Friday’s up-day for a little changed close. There is no sell signal, but the loss of momentum has left a negative bias and the outlook for Tuesday is to stay square on the open and to sell on the rally at 108.57, Friday’s high with a stop loss at 109.07, the 200 day average rate, or to sell down through 107.81, a 38% pullback to October’s gains with a stop loss at 108.20. Targets below 107.81 are to 107.56 and 107.31, deeper 50 & 62% corrections.
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