Recap Broken below Y-0 early in the week, points to a push towards Y-1. We got the drop later in the week but Y-1 was not tagged as news shock sent ninja back to Y-0 area at once. Stuck at Y-0 afterwards. Closed the week near Y-0 and midpoint.
Outlook Midpoint at the same area 2 weeks in a row. Inside week. Breakout mode in play. We all know BOJ will intervene if ninja drop back down. That puts B-1 and below into high risk zone for shorts.
Looking for convincing action to jump on the long side.
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Lawrence's Comment
Recap
Sold back down to Y-0 first as expected. Further weaknesses took it down to Y-1. But gap was not filled and a bounce from the gap top killed ...
USDJPY Oct 15 to Oct 19 Outlook
Lawrence’s Comment
Broken below Y-0 early in the week, points to a push towards Y-1. We got the drop later in the week but Y-1 was not tagged as news shock sent ninja back to Y-0 area at once. Stuck at Y-0 afterwards. Closed the week near Y-0 and midpoint.
Outlook
Midpoint at the same area 2 weeks in a row. Inside week. Breakout mode in play. We all know BOJ will intervene if ninja drop back down. That puts B-1 and below into high risk zone for shorts.
Looking for convincing action to jump on the long side.
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