Recap Initial selloff to the downside was rejected with all out short squeeze. Clear Y-0 support sending the pair to close near the high of the week.
Outlook As stated last week, USDJPY is in the process of forming a longer term bottom. Not a good time to look for short from this level as any excuse can send this higher.
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 Oct 17 to Oct 21 Outlook
Lawrence’s Comment
Initial selloff to the downside was rejected with all out short squeeze. Clear Y-0 support sending the pair to close near the high of the week.
Outlook
As stated last week, USDJPY is in the process of forming a longer term bottom. Not a good time to look for short from this level as any excuse can send this higher.
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