GBPJPY
Gains above the 50 & 100 day average rates are positive for GBP/JPYsentiment, but with last week’s recovery stalling from close to a daily bear trend, this week’s outlook is cautious and neutral.
Although Monday’s trading saw sentiment trade sideways, gains in Asia this morning, albeit modest, have broken the trend. With signals improving, but with confirmation of the trend break needed on the close, the outlook for Tuesday is just cautiously bullish, buying on the open and at 171.58, today’s low in Asia, with a stop loss at 171.22, Thursday’s base.
Targets are to 171.25, 172.75, the 2 week high and 173.55, May’s top.