All of this week’s bearish targets for GBPJPY have been met with losses of 4 Big Figs and Thursday’s signals continued to point lower. These too were confirmed, investors selling the cross to post a 5th lower daily high in a row and initial losses of over 1 Big Fig.
However, the dip has been bought ahead of Wednesday’s 7 month low at 168.02, for sentiment to recover and close with an up-day. Signals have improved, but prices remain below the key moving averages.
With this in mind the outlook for Friday is just cautiously bullish, buying on the open and at 170.20, with a stop loss at 169.69, yesterday's opening trade. Targets are to 171.55, today’s Asian high, 172.50, Tuesday’s top and 173.08, this week’s high trade. 