EUR/JPY - Capped by key average, 125.53 targeted
|A 2 ½ Big Fig rally since March’s 124.27 base has stalled this week at the 100 day average rate and the loss of momentum switched Thursday’s signals to bearish. These were confirmed with initial losses of ¾ Big Fig, but with the dip attracting buyers ahead of the 50 day line and for sentiment to close only modestly lower on the day overall. Further gains in Asia this morning should be temporary and the outlook for Friday remains just cautiously bearish and the call is to sell only modestly on the open and then at 126.38, yesterday’s opening trade with a stop loss at 126.79, this week’s top. Targets are to 125.78, today’s Asia low, 125.53, a 50% pullback to March’s gains and 125.23, a deeper 62% correction.
Capped by Key Average
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