SPOT USDJPY - signals pointg to temporary profit taking recovery
​Tuesday’s call to sell USDJPY just lightly on the open, (but as intraday sentiment was oversold), and also on the rally was confirmed as initial gains attracted sellers and for sentiment to post a 4th lower daily high & low in a row, though for just a modest down-day. Sellers have been cautious with prices testing the psychological 110.00 the Fig and it has been from near this level that buyers have returned to the market in Asia this morning. Although modest, gains have ended the sequence of lower daily highs which is positive for sentiment. The rally should be temporary and probably limited towards the key daily averages, but for Wednesday the call is to buy on the open and then at 110.36, today’s opening trade in Asia with a stop loss at 109.93, yesterday’s base. Targets are to 110.87/97, Friday’s Marabuzo line, 111.33, Friday’s high and then 112.19, last week’s top.
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