Kay Van-Petersen
Kay Van-Petersen, macro strategist at Saxo Capital Markets, digests the market action seen in week 43 and gives his tactical positing. Van-Petersen favours a USD step back, sees gold consolidating, and believes that European equities are overheated.
Day trade
Trade view / 08 July 2016 at 6:09 GMT

USDJPY: Lower highs highlight enthusiasm to sell bounces

partner and technical analyst / 3 c analysis
United Kingdom

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.

Management and risk description

Lower stop to entry if the first target is met


Entry: Market and 100.74, today's open in Asia

Stop: 101.05, Thursday's Marabuzo line

Target: 99.60 and 99.01, June's base

Time horizon: today until 12pm.

USDJPY charts


USDJPY 8 hourly - inside range

USDJPY Quarterly - lower highs
 All charts from CQG

— Edited by Susan McDonald

Non-independent investment research disclaimer applies. Read more
08 July
Dj TinTin Dj TinTin
Morning Steve and thanks for the info
08 July
Gennady Gennady
08 July
Steve Lucas Steve Lucas
closed at 12pm see above


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