With bullish signals for GBPJPY on the week confirmed with gains of 4 ½ Big Figs and a new 6 year high on Thursday at 184.33, yesterday’s forecast was for a temporary profit taking sell-off. This was also confirmed, sentiment deteriorating by 2 ½ Big Figs from the top. Although this is negative, a sequence of higher daily lows remains intact and the pullback has stalled near 181.96, a 50% pullback to this week’s gains.
Tentative buying from this area has switched signals back to bullish, but at this stage they are not strong, so with this in mind the outlook for Friday is to buy modestly on the open and then at 182.28, today’s low in Asia, with a stop loss at 181.87, yesterday’s base. Targets are to 183.18, yesterday’s open, 183.80 and 184.33, yesterday’s 6 year top.
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