USDJPY signals switch to bearish
The end to a small sequence of higher daily lows has switched this week’s signals to bearish. The market is trading below the 13 and 50-day average rates which is negative for sentiment and daily signals point to selling rallies.
Management and risk description
Sell the rally and lower stop to entry if the first target is met.
Entry: sell at 102.43, a 62% recovery to the losses posted since Friday's high.
Stop: 103.05, Friday's top.
Target: 101.18, the August 26 Marabuzo line and 100.53, the open for the same day.
Time horizon: today only.
– Edited by Gayle Bryant