A bullish daily Hammer at 101.93 in EURJPY, last Monday’s 9 year low,
signalled a temporary bounce and did occur with a 3 Big Fig improvement.
But with bounces also signalled as temporary selling opportunities and
with the longer-term forecast negative, investors sold into strength on
Friday for sentiment to deteriorate by 2 Big Figs from the week’s 104.97
top.
This is negative and signals continue to point lower this week below 104.97, but until Tuesday’s low is broken the call is a cautious one. The immediate objective is 102.84, Tuesday’s low, with a move through this point targeting 101.93, last week’s 9 year base and then towards 101.10.
The risk to this call, however, would be with buying through a stop at 104.97, last week’s high, a cautiously positive signal temporarily improving sentiment to 105.52, the 21st Sep top and then towards 106.16, the 2 week high trade.
This is negative and signals continue to point lower this week below 104.97, but until Tuesday’s low is broken the call is a cautious one. The immediate objective is 102.84, Tuesday’s low, with a move through this point targeting 101.93, last week’s 9 year base and then towards 101.10.
The risk to this call, however, would be with buying through a stop at 104.97, last week’s high, a cautiously positive signal temporarily improving sentiment to 105.52, the 21st Sep top and then towards 106.16, the 2 week high trade.
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