Trading Edges That Last
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USDJPY Nov 07 to Nov 11 Outlook
Lawrence’s Comment
The intervention I’ve been talking about happened. It illustrates why we cannot trade the short side of this pair when it was drifting downward as we cannot tell exactly when BOJ will strike.
Outlook
This artificial pop of dollar yen may have legs comparing the the previous interventions. Prior actions by BOJ is not accompanied by QE initiatives. This one does.
If we can get a higher low formed from 76.5 and above over the coming 2 weeks, we get the long term bottom I’ve been looking for.
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