Trading Edges That Last
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USDJPY Sep 16 to Sep 20 Outlook
Lawrence’s Comment
As expected, ninja retested Y-1. Yet, it failed to hold above Y+1 as support, leading to retest of Y-0 / previous week close. Consolidated since. Closed the week below midpoint and near Y-0.
Outlook
The bullish setup from the week before last was wasted on this consolidation. Cannot complain as war was looming and that directly affect USD strength across multiple majors.
Longer term on swing basis still bullish but a drop to B-2 is possible once B-1 is breached. Need ninja to pop back above B-0 to get a confirmed continuation to the upside.
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