Recap Rallied to Y+2 as expected after breakout of Y+1 and that it turns into support. Closed the week near Y+2 and week high.
Outlook Rising wedge on 4 hour is not that bullish. A slightly higher higher above B+1 with immediate reversal will give us Y+1 target to the down side.
Lawrence's Comment
Recap
Pullback started. Dropped close to 77. Not quite 76.5 support zone yet.
Outlook
If USDJPY is doing a spike and ledge like the previous invention, then 76.5 would not hold ...
For more information about this report please refer to the Market Bias Informant pageTrading day for Forex symbols start at around 5 pm ET depending on Daylight Saving Time schedule
For more information about this report please refer to the Market Bias Informant pageTrading day for Forex symbols start at around 5 pm ET depending on Daylight Saving Time schedule
USDJPY Jul 20 to Jul 24 Outlook
Lawrence’s Comment
Rallied to Y+2 as expected after breakout of Y+1 and that it turns into support. Closed the week near Y+2 and week high.
Outlook
Rising wedge on 4 hour is not that bullish. A slightly higher higher above B+1 with immediate reversal will give us Y+1 target to the down side.
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