SPOT USDJPY - signals show potential for dip buying
Despite Tuesday’s rally ending a sequence of lower daily highs, which is positive for sentiment, yesterday’s signals pointed to selling USDJPY on the rally at 109.75 or down through 109.14. Sellers did in fact return to the market from close to the 13 day average rate, sentiment deteriorating by over ½ Big Fig. Sentiment is unchanged on the week and following last week’s unchanged close trend signals are weak. However, buyers have returned to the market in Asia this morning and while prices remain above the 2017 lows there is a positive bias. With this in mind buy cautious to start with the outlook for Thursday is to stay square on the open and to buy the dip at 108.68, this week’s low with a stop loss at 108.13, April’s 2017 base, or to buy up through 109.88, the 17th Aug Marabuzo line with a stop loss at 109.40. Targets above 109.88 are to 110.19, the 17th Aug open and 110.68, the 16th Aug opening trade.
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