USDJPY - signals switching to temporarily bearish
​Bullish signals for USDJPY on the week have been confirmed with Monday's strong gains through a weekly bear trend. However with daily sentiment overstretched and trading towards 7 week highs, Wednesday's signals pointed to staying square on the open and to buying the dip. This was the correct strategy as initial losses of almost 0.5 Big Fig were recovered. However an unchanged close has been followed by profit taking selling in Asia this morning. The pullback is probably corrective and temporary, but with signals weakening the outlook for Thursday is to sell on the open and at 113.59, yesterday's high with a stop loss at 114.37, May's top. Targets are to 112.74, Tuesday's low, 112.26, the 13 day average rate and 111.77, the 100 day line.
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