USDJPY Apr 28 to May 02 Outlook

By News Robot

Lawrence’s Comment

Recap
As expected the test of Y+1 has failed. Minimal target at Y-0 was tagged. But the pullback was very slow. Closed the week above Y-0 and below midpoint.

Outlook
Similar to other majors, the anticipation of war has crippled normal trading activities. Should the situation in Ukraine get worse, the flight to safety action will be triggered, implying a sudden boost of strength in US dollar across the board. That gives speculative traders an excuse to keep buying US dollar and euro.

Chart pattern suggests that once ninja can trade above B-0, it will be able to clear B+1 easily with B+2 target.

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