Recap Intervention effect completely washed out in just a few days. Yen closed around Y-1.
Outlook Complete reversal of a sharp move indicates rejection. The difficult here is that the sharp move rejected a very wide range from 78 to 80 and up. Thus a retest of that is possible and that makes shorting any price level below B+1 higher risk than usual.
Downward bias on the pair but not easily tradable for this week.
Lawrence's Comment
Recap
Expected a retest of the support zone below Y-1 but loonie just refused to get there. Popped right off previous week close and back up to Y-0. Then reacted ...
USDJPY Aug 15 to Aug 19 Outlook
Lawrence’s Comment
Intervention effect completely washed out in just a few days. Yen closed around Y-1.
Outlook
Complete reversal of a sharp move indicates rejection. The difficult here is that the sharp move rejected a very wide range from 78 to 80 and up. Thus a retest of that is possible and that makes shorting any price level below B+1 higher risk than usual.
Downward bias on the pair but not easily tradable for this week.
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