Weekly USDJPY - trend break and higher lows & highs keep signals bullish
​Bullish signals for USDJPY in each of the last 4 weeks have been confirmed, investors buying the market last week to post a 3rd higher weekly low & high in a row and a gain of 1.75 Big Figs. Prices are trading above their key daily averages as well as the 200 week rate and along with this the 2017 falling trend of lower weekly highs has been broken. This is all positive, but an over 5 Big Fig gain since June has left daily signals for sentiment overstretched near May's 114.37 top so pullbacks are likely. These should be temporary though so with this in mind the outlook for this week remain bullish, but to buy only modestly on the open and then at 112.82, Wednesday's low with a stop loss at 111.46, the 27th June base. Targets are to 114.37, May's high, 115.50, March's top and 116.93, this year's opening trade.
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