USDJPY Feb 17 to Feb 21 Outlook

By News Robot

Lawrence’s Comment

Recap
As expected ninja consolidated to the down side. Dropped down to Y-0. Closed the week near Y-0 and below midpoint.

Outlook
Very tricky setup with 2 completely opposite outcomes.

First, if the weekly buying can hold ninja up at Y-0 / B-1 area, the next daily / weekly up leg will begin. This is the bullish scenario for the week.

Second, if ninja fails to hold B-1, it may flush to a lower low against Y-1. This is the bearish scenario for the week but not bearish at all on the weekly chart until it turns into all out breakdown.

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