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USDJPY Mar 19 to Mar 23 Outlook
Lawrence’s Comment
Mentioned last week looking for a top to form after upside target Y+2 is tagged. Got the rally and stopped when 100% absolute range expansion is reached. Closed the week near midpoint and above Y+1.
Outlook
Strong reaction to the zone above Y+2 confirms resistance is right above Y+2. A top forming from Y+2 upto B+1 will drop the pair back down to B-1 area.
As mentioned last week, the short term target of 83 area is tagged so there is not a lot of fuel to go much higher for now. So coming few weeks will more likely be consolidation time.
Long term long (weekly and higher timeframes) from the bottom area should watch the 80-81 area closely in case dollar yen weaken and drop back down to that area which should not be breached if this rally is going to continue.
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