Recap Pullback as expected. Down to Y-0 zone as expected. And took off to retest Y+1, then breakout to almost Y+2. Closed the week near high of week.
Outlook The upside target of Y+2 was not tagged. It should be tagged early next week.
The 81-82 resistance area is now cleared. Next is likely short term top near 83 area. Most of the initial upside momentum are now used up so going higher will be more difficult.
From this point onward, dollar yen has to build a long term higher base to absorb the sellers without dropping below 79 (preferred 80).
Next week looking for a run to Y+2 upto B+2 for a top to form.
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
Lawrence's Comment
Recap
Gap down in beginning of the week failed to gap below Y-1 to trigger the melt down scenario. That gave fuel to ES for a rally to ...
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
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
Lawrence's Comment
Recap
Consolidated early in the week and drifted higher to Y+1 as mentioned last week. Pushed higher to 100% absolute range expansion before it stalled. No big surprise. Closed the ...
USDJPY Mar 12 to Mar 16 Outlook
Lawrence’s Comment
Pullback as expected. Down to Y-0 zone as expected. And took off to retest Y+1, then breakout to almost Y+2. Closed the week near high of week.
Outlook
The upside target of Y+2 was not tagged. It should be tagged early next week.
The 81-82 resistance area is now cleared. Next is likely short term top near 83 area. Most of the initial upside momentum are now used up so going higher will be more difficult.
From this point onward, dollar yen has to build a long term higher base to absorb the sellers without dropping below 79 (preferred 80).
Next week looking for a run to Y+2 upto B+2 for a top to form.
Share