USDJPY - signals bearish & testing 200 week & 200 day moving average rates
​Failure in May from close to 114.64, a 62% recovery to the entire 2017 sell-off has left signals bearish for USDJPY in each of the last 3 weeks. These have been confirmed, last week's trading posting a 3rd lower weekly high in a row and losses of 1 Big Fig. There is no sign that the deterioration is ending, but last month's losses continue to test the 200 week as well as the 200 day average rates. Until these levels are clearly broken there remains some caution and against this background the outlook for this week is to sell modestly on the open and then at 111.20, the 50 day average rate with a stop loss at 112.28, the 100 day line. Targets are to 109.59, the 25th April low, 109.07, the 6 week base and 108.13, this year's low trade.
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