USDJPY: May's 1.5 year low under threat
This week’s signals are bearish, but with daily sentiment oversold at the 200 week average rate, as well as being close to May’s 1 ½ year low, the call is to also sell the rally.
Monday’s trading saw losses in Asia attract buyers in Europe, but for sentiment to close with a down-day. The bias for signals remains negative and they look for a test through May's over 1.5 year low.
Management and risk description
Allow room to sell the rally and lower the stop to entry if the first target is met.
Entry: Market and 106.37, today's high in Asia.
Stop: 106.96, yesterday's top.
Target: 105.53, May's low ands 105.18, the Oct 2014 base.
Time horizon: Today only.
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