SPOT EURJPY - signals continue to point lower
The end to a trend of higher daily lows has switched this week’s signals for EURJPY to bearish and these are being confirmed with further losses on Monday through last week’s base. In fact yesterday’s 2 Big Fig sell-off is the worst performing day for sentiment is almost 14 months, since 29th July 2016. The pullback has stalled near the 15th Sep Marabuzo line at 131.91, as well as to a 50% correction to this month’s gains, so there is the potential for a recovery. For Tuesday though this should be temporary and the outlook is to sell just modestly on the open and then at 132.90, just below Monday’s Marabuzo line with a stop loss at 133.46, yesterday’s afternoon high. Targets are to 131.92, yesterday’s low, 131.39, the 15th Sep open and 130.56, the 15th Sep low trade.
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