USDJPY - signals point to corrective recovery
​Bearish signals for USDJPY on the week and in each of the last 2 days have been confirmed, investors selling the market on Wednesday to post a 5th lower daily high in a row and a loss of just under 0.5 Big Fig. While May's deterioration has taken prices below their 50 & 100 day average rates, the 4 Big Fig sell-off has attracted buyers back to the market above the 200 day line and close to the 200 week rate. Improving sentiment in Asia this morning is pointing intraday signals higher, but until the trend of lower daily highs is broken the outlook for Thursday is just cautiously bullish, buying on the open and then at 110.77, today's opening trade in Asia with a stop loss at 110.23, May's base. Targets are to 11.22/32/47, this week's highs, 112.12, last week's top and 113.13, the 17th May high trade.
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