DAILY SPOT USDJPY - Wednesday's trade idea and technicals
Two of this week’s downside targets have already been met with Monday’s initial losses of almost 1 Big Fig. However, a fresh near 3 year low at 104.46 has attracted buyers back to the market and yesterday’s signals pointed to staying square on the open and to either selling the rally at the 13 day average rate or back down through this week’s open. Neither level was hit as sentiment traded sideways for a little changed close. With signals unchanged Wednesday’s call remains cautiously negative and is to stay square on the open and to sell on the rally at 106.11, the 13 day average rate with a stop loss at 106.43, Friday’s opening trade, or to sell down through 105.34, this week’s open with a stop loss at 105.70. Targets below 105.34 are to 105.16, a 62% pullback to Monday’s gains and 104.46, Monday’s low trade.
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