USDJPY Apr 23 to Apr 27 Outlook
By News Robot
Lawrence’s Comment
Recap
Does not even need to drop to long term support, dollar yen already popped higher. Breaking above 2-week resistance line and zoomed back up near Y+1. Completed 100% absolute range expansion. Closed near high of week.
Does not even need to drop to long term support, dollar yen already popped higher. Breaking above 2-week resistance line and zoomed back up near Y+1. Completed 100% absolute range expansion. Closed near high of week.
Outlook
As long as B-0 down to B-1 act as support, expecting the pair going much higher.
If B-0 acts as support next week , B+1 retest is the first target with B+2 as the 2nd target.
If B-1 acts as support instead, will look for breakout above B+1 with an explosive target above B+3.
Comments
Still think there will be weakness in JPY.
Still shorting JPY
Long term bottom has to be formed above 79 for the previous flush low to be secure.
So short term swing target below would be mid 79.
If 79 is breached we are talking about a melt down scenario in USD
aloha mm.. i c an nTick 123 down crude pattern from 12550 and nearing OB on the cme JY on several other charts. do u subscribe to lc’s precog? some info there that u might consider ‘helpful’ to your position. Be careful out there.. very large players stepped into the market last night. watch money flows carefully, and SNB defending lo 120’s in eurchf. they have deep pockets and the $ MUST flow somewhere… Sorry, I don’t have any other sentiment readings that are significant for your position– IOW, neutral to slightly bullish. good luck!
dollar yen is definitely bullish on higher timeframes (daily, weekly and above).
so yes short yen against dollar, aussie, loonie all make sense.
picking that longer term turning point before it happens is tricky.