USDJPY May 27 to May 31 Outlook

By News Robot

Lawrence’s Comment

Recap
Held Y-0 and pushed higher for upside breakout and failed. That lead to a clear break of Y-1 and turning Y-0 into resistance. Closed the week at Y-1 and below midpoint.

Outlook
Both upside target and downside target were not reached. Outside week reversal in place so more downside is expected. Obvious target for now is B-2 as that is also where the melt up move started. That causes a problem as the Japanese government and BOJ want dollar yen to go higher. Not sure if they will intervene heavily to defend the 100 area.

Share

  • You must be logged in to comment. Log in