Recap Y-0 resistance gave us test of Y-1 and it was cleared with the added bonus of clearing the support trend line formed over the past 2 weeks. Normal target of Y-2 was tagged. Closed the week near Y-2 and week low.
Outlook Measured down move points to Y-3 target yet it was not tagged last week. If it is taken care of early this week a bounce to B-0 is likely.
Ninja entered weekly timeframe longer term support zone here. Bottom forming in this region in coming weeks will be good for a run to year high.
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
Lawrence's Comment
Recap
Y-1 failed to act as support thus turning Y-0 into resistance zone. The pair then dropped from Y-0 down to Y-2 and closed the week there.
Outlook
Uptrend in Aussie ...
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 Jun 30 to Jul 04 Outlook
Lawrence’s Comment
Y-0 resistance gave us test of Y-1 and it was cleared with the added bonus of clearing the support trend line formed over the past 2 weeks. Normal target of Y-2 was tagged. Closed the week near Y-2 and week low.
Outlook
Measured down move points to Y-3 target yet it was not tagged last week. If it is taken care of early this week a bounce to B-0 is likely.
Ninja entered weekly timeframe longer term support zone here. Bottom forming in this region in coming weeks will be good for a run to year high.
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