EURJPY: Overbought but signals point to buying dip
Tuesday’s signals were outright bullish and these were confirmed with a second strong up-day in a row and a gain of almost three Big Figs, the most positive two-day performance for sentiment in over three years, since April 2013. Prices have rallied above their 13-day moving average rate and towards their 50-day line. This is all positive, but with intraday sentiment overstretched signals for Wednesday are pointing to buying dips only.
Management and risk description
Buy dip only and if executed and market rallies to target, raise stop to entry point.
Entry: Buy at 113.69, yesterday's opening trade.
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