WEEKLY GBPJPY - This week's trade idea and technicals
For the 3rd week in a row sentiment last week has traded sideways and inside the last 4 week range which has also traded inside the 5 week range. October’s 11 Big Fig rally has stalled at the 20 month average rate which is potentially negative, but so far dips have been limited to the 200 day line. Trend signals subsequently remain weak, but for this week there is a cautiously positive bias and the call is to buy on the open and then at 139.46, last week’s low with a stop loss at 138.51, the 200 day line. Targets are to 141.36/51, October’s highs, 143.50 and 146.51, May’s top.
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