Recap Bear flag on 4 hours broken to the down side gave us a nice drop to Y-0. Y-0 support led to a run for week high and then breakout clearing Y+1. Original bear flag turns into measured move. Closed the week above Y+1 and midpoint.
Outlook Measured move so far is just a bigger bear flag on daily. Until ninja properly form a bottom it is not as bullish as many suggested. A drop back down to B-0 is likely. A break down to B-1 is also likely.
Lawrence's Comment
Recap
Gap above Y+1 and failed to hold above. That started the move to fill the gap below. Gap fill led to a strong bounce but NQ can no longer ...
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Lawrence's Comment
Recap
As expected yen is too weak for any upside push. Closed the week at midpoint.
Outlook
No direction. Bias towards another test of low from August since upside is rejected ...
USDJPY Oct 27 to Oct 31 Outlook
Lawrence’s Comment
Bear flag on 4 hours broken to the down side gave us a nice drop to Y-0. Y-0 support led to a run for week high and then breakout clearing Y+1. Original bear flag turns into measured move. Closed the week above Y+1 and midpoint.
Outlook
Measured move so far is just a bigger bear flag on daily. Until ninja properly form a bottom it is not as bullish as many suggested. A drop back down to B-0 is likely. A break down to B-1 is also likely.
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