USDJPY trend break signals losses, but bounce likely
Bearish signals on the week and for Thursday have been confirmed, investors selling the market yesterday to post a loss of almost one Big Fig.
Further losses following the Bank of Japan announcement on Friday has broken a daily bull trend and although this keeps the focus lower, a bounce from ¥102.73, the last two week Marabuzo line is likely.
We are looking to use this bounce to add to shorts and signals remain negative.
Management and risk description
If the first target is met then lower stop to entry.
Entry: sell at ¥103.99, Tuesday's low.
Target: ¥102.81, just above today's Asian low and ¥100.48, the two-week base.
Time horizon: Today only.
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