Bearish signals on USDJPY put June low on table
The Q3 call to sell at 106.22 has been close to the high, but last week’s signals points to a temporary bounce. This is exactly what occurred, as initial gains of just under 1 Big Fig were completely given up having attracted sellers at the 13-day average rate.
Prices are also trading below their other key moving averages and signals have subsequently switched back to bearish looking for a test of June's near three-year low.
Management and risk description
Allow room to sell a rally and lower stop to entry if the first target is met.
Entry: market and 101.95, Friday's opening trade.
Stop: 102.83, the 2 week high.
Target: 100.00, July's low and 99.01, June's base.
Time horizon: this week.
— Edited by Martin O'Rourke
Non-independent investment research disclaimer applies. Read more