EUR/JPY - Gradual Gains to Continue

Alan Collins 3cAnalysis

Two unchanged daily closes in a row with prices overstretched at 5 month highs left Thursday’s signals mixed and neutral. These were confirmed, as despite posting a new top at 122.87 sentiment traded sideways for a 3rd little changed close. Trend signals remain weak, but the lack of any profit taking selling and a trend of higher daily lows leaves Friday’s signals cautiously bullish and the call is to buy just modestly on the open and then at 122.24, Wednesday’s low with a stop loss at 121.00, Monday’s Marabuzo line. Targets are to 122.95, 123.36, July’s top and 124.59, the 200 week average rate.

Gradual Gains to Continue

Author

Alan Collins

3cAnalysis

Alan has been involved in the financial markets for more than 30-years.

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