WEEKLY GBPJPY - This week's trade idea and technicals
Bearish signals in each of the last 5 weeks have been confirmed, investors selling the cross last week to post a 6th lower weekly low in a row and a loss of almost 1 ½ Big Figs. Daily sentiment is oversold and bounces must be expected. These should remain temporary though and the outlook for this week remains bearish and the call is to sell on the open and then at 137.37, Friday’s opening trade with a stop loss at 138.40, last week’s top. Targets are to 135.50, a 78% pullback to this year’s rally, 133.50 and 131.73, this year’s base.
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