Recap Y+1 resistance with BoJ announcement killed the upside immediately. News shock target of Y-1 cleared with Y-2 almost tagged. Closed the week near Y-2 and week low.
Outlook Reactionary bounce points to a test of at least Y-1 and potentially B-0. We cannot be sure if Ninja can hold B-1 though as momentum points to the historical lower support at 104 is now in play.
Lawrence's Comment
Recap
Ninja failed to hold its support. The door to Y-1 opened. 100% absolute range expansion ended the drop. Closed the week below Y-0 and midpoint.
Outlook
A shallow pullback turned into ...
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USDJPY May 02 to May 06 Outlook
Lawrence’s Comment
Y+1 resistance with BoJ announcement killed the upside immediately. News shock target of Y-1 cleared with Y-2 almost tagged. Closed the week near Y-2 and week low.
Outlook
Reactionary bounce points to a test of at least Y-1 and potentially B-0. We cannot be sure if Ninja can hold B-1 though as momentum points to the historical lower support at 104 is now in play.
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