Weekly USDJPY - signals switch to bullish
​Having been bearish of USDJPY for 4 weeks in a row, last week's signals switched to bullish and to buying the dip at 109.48. This was close to the base and confirmed with a rally of over 2.5 Big Figs from Wednesday's 108.82 low. The bounce has attracted sellers on Friday from in between the 50 & 100 day average rates and there is the potential for further losses. These should be temporary though and the outlook for this week is to buy just modestly on the open and then at 110.25, Thursday's Marabuzo line with a stop loss at 108.82, last week's low. Targets are to 111.71, June's high, 113.13, the 17th May top and 114.37, May's high trade.
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