Against a background of a bullish forecast for USD/JPY sentiment this week, but with signals cautious until a weekly bear trend and the 100 & 200 day average rates are broken, Monday’s trading saw sentiment trade sideways inside Friday’s range for an unchanged close.
There have been gains to test the bear trend at 102.00 in Asia this morning and a sequence of higher daily lows keeps Tuesday’s forecast positive, buying on the open and at 101.96, today’s open in Asia, with a stop loss at 101.73, yesterday’s base.
Targets are to 102.08, the 200 day average rate, 102.22/28, July’s high trades and 102.50.