Trading Edges That Last
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USDJPY Mar 05 to Mar 09 Outlook
Lawrence’s Comment
Breakout upside right from the start of the week met with news shock sending the pair back to Y-0. Y-0 acted as support and closed the week at our upside target.
Outlook
The delay in tagging the upside target by end of week means there are enough sellers around Y+1 area making it a significant price level.
If a top is formed between Y+1 and B+1, dollar yen will have its first important pullback that can last 2 to 3 weeks with B-1 as the first downside target.
If B+1 is cleared, then B+2 should be tagged quickly.
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