USDJPY Oct 20 to Oct 24 Outlook

By News Robot

Lawrence’s Comment

Recap
As expected, ninja started weak and failed to clear even Y-1. That opened the door to Y-3. Flushed down to Y-3 and bounced. Closed the week below Y-1 and above midpoint.

Outlook
The flush was partially a lucky drop (not that I am not happy) thanks to the problematic BOJ officials. At this point though, the bounce was a bear flag on 4 hours. It is quite bearish with Y-1 / B+1 strong resistance. First reaction there should lead to at least B-0 retest. A break of the bear flag support points to a drop to B-2.

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