While bullish signals for GBPJPY on the week have been confirmed with gains of 1 ¼ Big Figs, yesterday’s forecast was to sell on the open and into any intraday strength. This too was confirmed, sentiment posting a loss of just under ½ Big Fig on the day.
Prices are trading around their 50 & 100 day average rates and the pullback may be corrective. But, with no sign yet that the deterioration is ending the outlook for Thursday is to sell on the open and at 172.90, with a stop loss at 173.38, yesterday’s high.
Targets are to 172.37, yesterday’s low, 171.94, Friday’s base and 171.67, last week’s low trade.