Tuesday’s bearish signals have been confirmed, investors selling GBP/JPY for a loss of almost 1 Big Fig. A long sequence of higher daily lows has been ended, though prices are trading in between their 50 & 100 day average rates, an area which often leads to indecision.
However, with no sign yet that the deterioration is ending, the outlook for Wednesday is to sell on the open and at 171.70, with a stop loss at 172.05. Targets are to 170.69, the 100 day average, 170.10 and 169.54, May’s low trade.
