USDJPY: Lower highs highlight enthusiasm to sell bounces
While bearish signals on the week and in each of the previous two days had been confirmed, Thursday’s signals pointed to consolidation. This was the case, though sellers have returned to the market into the European close for sentiment to post a fourth lower daily high in a row. This continues to highlight investors' enthusiasm to sell into any strength. With no sign that the deterioration is ending, but with intraday sentiment oversold and trading towards the June 24 low, signals point to selling rallies.
Lower stop to entry if the first target is met
Entry: Market and 100.74, today's open in Asia
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