Yesterday's failed rally keeps signals negative for USDJPY
Against a background of negative signals on the week, the end to a sequence of lower daily highs switched Tuesday’s signals to temporarily bullish. However, following initial gains sentiment traded sideways inside a relatively small ¾ Big Fig range for an unchanged close.
Management and risk description
Sell the rally and lower the stop to entry if the first target is met.
Entry: 107.80, just below yesterday's high.
Stop: 108.31, a 62% recovery to Friday's losses.
Target: 105.84, the 200-week average rate and 105.53, this year's base posted in May.
Time horizon: today only.
— Edited by Gayle Bryant