DAILY SPOT USDJPY - Wednesday's trade idea and technicals
A loss of topside momentum on Monday ahead of the 110 & 200 day average rates as well as the 9 week top at 111.41 switched Tuesday’s signals to cautiously bearish. These were confirmed as losses in Asia were extended, but with a trend of higher weekly lows remaining intact. The pullback may be temporary profit taking and prices also remain above their 50 day average rate. So while this is the case the outlook for Wednesday remains just cautiously bearish and the call is to sell on the open and then at 110.82, Tuesday’s Marabuzo line with a stop loss at 111.24, this week’s top. Targets are to 110.38/43, last week’s low, 110.10, the 11th Feb Marabuzo and 109.83, the 11th Feb opening trade.
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