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USDJPY Apr 29 to May 03 Outlook
Lawrence’s Comment
Tagged resistance zone as expected, but no breakout above that. Instead, ninja fell back down to Y-0 eventually. Most part of the week was spend holding right below Y+1 making it looks like a breakout to the upside was about to happen. Closed the week near the week low and Y-0.
Outlook
Y+1 / B+1 rejected twice means the resistance at 100 is very strong. But don’t forget that Y-1 was rejected by very strong reaction. Hence price is now trapped between Y+1 and B-1. No real direction until ninja can break out of this range.
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