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.
Lawrence's Comment
Recap
Measured up move early in the week has many fooled as if a bottom is in place. The end of the measured up resulted in a quick drop ...
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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