Recap Forced itself to breakout upside but obviously it has no support underneath at all and snapped back to the week low once it failed to hold above Y+1.
Outlook Our down side target zone from last week is still in play. In fact, it is now conveniently sync with B-2.
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Lawrence's Comment
Recap
Breaking below Y-1 without tagging Y-0 first as explained last week gave us a drop until 100% absolute range expansion. Closed the week below Y-1 and near week low.
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USDJPY Jul 11 to Jul 15 Outlook
Lawrence’s Comment
Forced itself to breakout upside but obviously it has no support underneath at all and snapped back to the week low once it failed to hold above Y+1.
Outlook
Our down side target zone from last week is still in play. In fact, it is now conveniently sync with B-2.
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