Recap As expected yen failed to escape out of the range established in the past few weeks. Tried to take out Y+2 and failed. Fell ack down to Y-0 and tried once more to the upside and rejected. Closed the week close to and above Y+1.
Outlook As Y+2 was rejected decisively, the pair is likely to be forced to go back down to retest B-1 and Y-1 zone. No real direction is established from the price action of last week so congestion is expected to continue into this week.
Lawrence's Comment
Recap
Upside breakout after compression around Y-0. 100% expansion off the tight range tagged by end of the week but failed to tag the normal Y+2 target. Closed the week ...
For more information about this report please refer to the Market Bias Informant pageTrading day for Forex symbols start at around 5 pm ET depending on Daylight Saving Time schedule
Lawrence's Comment
Recap
Double news shock. First one sending the pair higher but it failed to stay above Y+1. Second one dropping the pair below Y-0 yet failed to keep it ...
For more information about this report please refer to the Market Bias Informant pageTrading day for Forex symbols start at around 5 pm ET depending on Daylight Saving Time schedule
USDJPY Jul 04 to Jul 08 Outlook
Lawrence’s Comment
As expected yen failed to escape out of the range established in the past few weeks. Tried to take out Y+2 and failed. Fell ack down to Y-0 and tried once more to the upside and rejected. Closed the week close to and above Y+1.
Outlook
As Y+2 was rejected decisively, the pair is likely to be forced to go back down to retest B-1 and Y-1 zone. No real direction is established from the price action of last week so congestion is expected to continue into this week.
Share