A sequence of lower daily highs & lows kept Tuesday’s signals for USDJPY pointing lower. These were confirmed with a strong over 1 Big Fig sell-off. Although there is no sign that the deterioration is ending, prices are trading back towards the 2017 low trades posted in Apr & Aug at just above 108.00 the Fig., which is likely to make bears increasingly cautious and the potential for a temporary bounce is high. With this in mind but with signals still pointing lower the outlook for Wednesday is to stay square on the open and to sell the rally at 109.27, Tuesday’s Marabuzo line with a stop loss at 109.00, Monday’s Marabuzo, or to sell down through 108.03, this year’s low with a stop loss at 108.75. Targets below 108.03 are to 107.50 and 106.68, a weekly low posted in November.
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