Trading Edges That Last
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USDJPY Jul 16 to Jul 20 Outlook
Lawrence’s Comment
Tried very hard to form a low above the support zone mentioned last week yet failed to do so. Landing at the target zone finally resulted in extreme upside reaction, yet sold off back down to the support zone again. Closed below Y-1 and near week low.
Outlook
Partly news driven, partly stop run on a very thin market. Resistance is now clearly defined at 80. Long term up trend can resume once 80 is taken out and turning into support.
A game of patience here. Ample time to wait for the confirmation before jumping in.
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