Recap Early part of the week was an attempt to hold the previous week low (Y-1) area. But we knew that the strong rejection at Y+1 implied the likely push towards Y-2. Target reached in mid-week. End of week shock created a squeeze on the late shorts but that is not enough to push thru previous week midpoint (Y-0).
Outlook Potential w. spring in place as the week low (B-1) was rejected with huge reaction. As long as week midpoint (B-0) acts as support, B+2 is in play. If B-0 failed to act as support, the 200% downside expansion target (Y-3) will be next downside target.
Lawrence's Comment
Recap
Not even a contest at Y-0, Dow gapped up and cleared Y+1 right from the start. That opened the door to Y+2. Then the reversal right below Y+2 opened ...
Lawrence's Comment
Recap
Short squeeze back up to Y+1 as expected filling the open gap above. The move was so dirty that it was erased right after and led to spike reversal ...
Lawrence's Comment
Recap
Y+1 acted as resistance, and the less likely scenario worked out perfectly. Free ride from above Y-0 down to Y-1. Closed the week below Y-1.
Outlook
Tagging Y-2 early in ...
USDJPY Feb 07 to Feb 11 Outlook
Lawrence’s Comment
Early part of the week was an attempt to hold the previous week low (Y-1) area. But we knew that the strong rejection at Y+1 implied the likely push towards Y-2. Target reached in mid-week. End of week shock created a squeeze on the late shorts but that is not enough to push thru previous week midpoint (Y-0).
Outlook
Potential w. spring in place as the week low (B-1) was rejected with huge reaction. As long as week midpoint (B-0) acts as support, B+2 is in play.
If B-0 failed to act as support, the 200% downside expansion target (Y-3) will be next downside target.
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