Temporarily bearish signals for USDJPY in each of the last 3 days have been confirmed with Thursday’s trading posting a 2nd lower daily high and low in a row, but with all of an initial ½ Big Fig sell-off being recovered. The losses are signalled as being corrective and they have stalled at 117.22, a 50% pullback to the gains posted since last week’s base.
Gains in Asia this morning have ended a sequence of lower daily highs, so with signals reverting to bullish, the outlook for Friday is to buy on the open and on any setback to 117.95, with a stop loss at 117.71, today’s Asian low. Targets are to 118.49, this week’s high, 118.88, last week’s 7 year top and 119.50
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