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USDJPY Aug 03 to Aug 07 Outlook
Lawrence’s Comment
Pullback to Y-2 support zone as expected. Ninja rallied since to tag Y+1. Strong reaction at Y+1 zone bought ninja back down. Closed the week below Y-0 and near midpoint.
Outlook
Intervention dynamics making it more difficult to clear the weekly resistance above. BOJ official position is that ninja going higher is not “sustainable”. On weekly basis, ninja is in a strong up trend. Consolidation in the current range is bullish.
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