SPOT USDJPY - end to higher daily lows switches signals to bearish
Bullish signals for USDJPY on the week and for Thursday have been confirmed, investors buying the cross yesterday to post a 4th higher daily high & low in a row and a gain of ½ Big Fig. September’s over 5 Big Fig gains have left daily signals for sentiment overstretched near the 200 day average rate and sellers have returned to the market in Asia this morning to take profits and to end a sequence of higher daily lows. This is negative and with signals switching to bearish the outlook for Friday is to sell on the open and then at 112.13, Thursday’s low with a stop loss at 112.55, today’s Asia high. Targets are to 111.32, Wednesday’s low, 110.80, this week’s base and 110.02, a 50% pullback to this month’s gains. We would also close weekly longs.
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