EURJPY - Bullish & Buy 125.66 Dip. Stop 124.32
Last week’s signals were bullish, and these were confirmed as two of our targets were met with gains of 1 ½ Big Figs. A 2nd higher weekly low & high in a row has taken prices above their 50 & 100 day average rates and towards the 200 week and 200 day lines. These levels may attract sellers back to the market, but in the absence of a sell signal the outlook for this week remains bullish and the call is to buy on the open and then at 125.66, Friday’s opening trade with a stop loss at 124.32, April’s base. Targets are to 126.97, the 200 week average, 127.44/52, this year’s top posted in March and 128.59, the 17 week high trade.
200 Week Average
Above 100 Day Line
AUDJPY - Bullish & Buy 79.55 Dip. Stop 78.49
A near 10 Big Fig rally since January’s 10 year low at 70.53 has left daily sentiment overstretched. However, gains above the 50 day average rate have kept signals in each of the last 2 weeks pointing higher. These have been confirmed with last week posting a 2nd higher weekly low & high in a row and a gain of over 1 Big Fig. There is no sell signal, but prices are testing their 200 day average rate as well as 80.52, December’s Marabuzo line, so there is the potential for a profit taking pullback. This should be a buying opportunity, so the outlook for this week remains bullish and the call is to buy just modestly on the open and then at 79.55, Friday’s opening trade with a stop loss at 78.49, April’s base. Targets are to 80.97, a 78% recovery to the entire Dec-Jan sell-off, 81.51, the 17 week high and 82.21, the 18 week top.
3 Up Weeks
Testing 200 Day Average
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