Trading Edges That Last
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USDJPY Mar 04 to Mar 08 Outlook
Lawrence’s Comment
Started the week by tagging the upside target mentioned last week. Not even a chance to join the ride. Then FBO triggered against Y+1 and gave us Y-1 minimum downside right there. Got Y-1 and flushed to Y-3 / Y-4 before it stopped. And to the surprise of many, closed the week by rallying back to Y-0 and above midpoint.
Outlook
It was pretty messed up last week. I have been talking about a swing top to short into since 2 weeks ago. And now it flushed 200+ pips quickly and bounced all the way back. It will be difficult to position a swing short from here because there are many trapped shorts below B-0. All it takes is a nudge to Y+1 and a power short squeeze can be triggered.
Not going to participate on the long side this week. Will look for daytrading opportunities if a breakdown occurs flushing through B-0 quickly. If so will look for a drop to at least 90 even.
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