AUDJPY - Cautiously Bullish

23 thg 6, 2020

Last week’s signals pointed to staying short and selling the rally and this week’s signals have continued to point cautiously lower. However, initial losses on Monday have attracted buyers back to the market from ahead of last week’s base and the 200 day average rate, sentiment recovering to post a gain of 1 Big Fig and end a sequence of lower daily highs. The rally is probably corrective profit taking and should be temporary, but with no sign yet that it is ending the outlook for Tuesday is cautiously bullish and the call is to buy modestly on the open and then at 73.37, yesterday’s afternoon low with a stop loss at 72.70, yesterday’s overall base. Targets are to 74.31, Wednesday’s high, 75.09, last week’s top and 75.61, the 10th June high trade.