DAILY SPOT USDJPY - Wednesday's trade idea and technicals
Although weekly signals are pointing temporarily lower, Tuesday’s signals had a bullish bias. However, while initial gains of ¼ Big Fig ended a small sequence of lower daily highs, prices oscillated around their 100 & 200 day average rates in a tight range and closed just modestly higher on the day. Signals for Wednesday are not strong, but there is a switch to a negative bias, though cautious to start with the call is to stay square on the open and to sell on the rally at 111.60, Friday’s high with a stop loss at 111.92, the 6th Mar top , or to sell down through 111.10, yesterday’s low with a stop loss at 111.40. Targets below 111.10 are to 110.82/87, Fri & Mon low trades and 110.35, the 2 week base.
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