USDJPY - signals switch for the 2nd day in succession - back to bearish
​With bearish signals for USDJPY on the week confirmed, and with Wednesday's analysis highlighting the potential for buyers to return to the market from close to 109.06, the window which has remained open since the last 7 week close, Thursday's signals switched to bullish. These too were confirmed as gains of just over 0.5 Big Fig ended a sequence of lower daily highs. However, the rally is also signalled as being potentially temporary and the rally is stalling at the 200 day average rate. There is no reversal pattern, so with some caution the outlook for Friday is to sell modestly on the open and then at 110.52, Tuesday's high with a stop loss at 110.97, a 62% recovery to the losses posted since the last 2 week top. Targets are to 109.86, today's low in Asia, 109.11, this week's base and 108.13, the 2017 low trade.
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