USDJPY - signals switch to temporarily bullish
​Although bearish signals for USDJPY on the week and for Tuesday have been confirmed, Wednesday's signals highlighted 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. Despite this, the outlook remained negative, but pointed to staying square on the open and to selling into an expected rally. Although profit taking buying has so far been modest, a sequence of lower daily highs has been ended, so with signals pointing temporarily higher, the outlook for Thursday is to buy modestly on the open and then at 109.41, yesterday's opening trade with a stop loss at 109.06, the 7 week close. Targets are to 110.42, the 200 day average rate, 110.73, this week's high and 111.71, last week's top.
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