Recap Bullish expectation is correct with Y-0 support pushing higher. 125 round number attracted selling and forced ninja back down. Closed the week below Y+1 and midpoint.
Outlook It is now clear than BOJ is determined to fight any attempt to push ninja above 125. Short term this means a cap above and wild swings back down below is possible but not necessary. Y-0 / B-1 strong support until proven otherwise.
For more information about this report please refer to the Market Bias Informant pageTrading day for Forex symbols start at around 5 pm ET depending on Daylight Saving Time schedule
For more information about this report please refer to the Market Bias Informant pageTrading day for Forex symbols start at around 5 pm ET depending on Daylight Saving Time schedule
USDJPY Aug 10 to Aug 14 Outlook
Lawrence’s Comment
Bullish expectation is correct with Y-0 support pushing higher. 125 round number attracted selling and forced ninja back down. Closed the week below Y+1 and midpoint.
Outlook
It is now clear than BOJ is determined to fight any attempt to push ninja above 125. Short term this means a cap above and wild swings back down below is possible but not necessary. Y-0 / B-1 strong support until proven otherwise.
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