USDJPY - oversold, sell into corrective rally
​Bearish signals for USDJPY on the week and for Tuesday have been confirmed, investors selling the market yesterday to post a 3rd lower daily low in a row and a loss of 1.25 Big Figs on the day. While there is no buy signal, prices are trading towards a window which has been left open since the last 7 week close at 109.06, as well as April 2017 base at 108.13, levels which are likely to attract buyers. However, although there may be early gains on Wednesday these should be temporary and the outlook is to stay square on the open and to sell the rally at 109.96, Tuesday's Marabuzo line with a stop loss at 110.73, this week's high, or to sell down through 108.96, just below the 7 week close with a stop loss at 109.50. Targets below 108.96 are to 108.13, this year's base and 107.25.
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