Bullish signals for USDJPY on the week and for yesterday have been confirmed, investors buying the market on Wednesday to post a 9th up-day in a row and a strong near 1 Big Fig gain on the day. A weekly bear trend has been broken, as have the pivotal 100 & 200 day average rates. Intraday sentiment is much overstretched and pullbacks have to be expected.
These should be temporary though and the outlook for Thursday is to buy on the open and at 102.60, with a stop loss at 102.45. Targets are to 102.89, today’s Asian high, 103.09, yesterday’s top and 103.42, the 16 week high trade
.
