A daily Inverted Hammer at Friday’s high and a small sequence of lower daily highs and lows kept Wednesday’s signals for EURJPY pointing lower. These were confirmed with losses of just under 1 Big Fig. The pullback is probably corrective and prices remain above 138.53, a 50% pullback to this month’s gains, as well as above their 50 & 100 day average rates.
However, with no sign yet that the correction is ending the outlook for Thursday is to sell on the open and at 139.68, with a stop loss at 139.96, yesterday’s high. Targets are to 139.00/05, yesterday’s low, 138.77, the 17th Sep base and 138.45, last week’s low trade.