SPOT USDJPY - signals continue to improve

Tuesday’s rejection of the lows and a bounce from close to this year’s 108.13 USDJPY base posted in April kept yesterday’s signals pointing higher. These were confirmed with a 2nd up-day in a row and a gain of ¾ Big Fig. While this is positive and there is no sell signal, the market has not posted more a 3rd successive up-day for three months, since the beginning of June. So with a degree of caution the outlook for Thursday is to buy on the open and at 110.24, today’s open in Asia with a stop loss at 109.89, Wednesday’s Marabuzo line. Targets are to 110.95/05, the 2 & 4 week highs, 111.33, the 28th July top and 112.19, the 5 week high trade.