EURJPY momentum shift signals temporary recovery
Divergence on weekly momentum has switched this week’s signals to bullish. Monday’s trading has seen sentiment improve, but for initial gains of ¾ Big Fig be mostly given up. The failed rally is mildly negative, but a developing trend of higher daily lows remains intact and buyers have returned to the market in Asia.
Management and risk description
Buy the dip and raise the stop to the entry point if the first target is met.
Entry: Market and 117.70.
Stop: 117.22, just below today's Asian low.
Target: 119.05, this week's high and 119.95, a 62% recovery to the losses posted since the 2 week top.
Time horizon: Today only.
— Edited by Adam Courtenay
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