Recap Consolidation within 50% of previous week range. No serious attempt to break out of the range at all. Closed the week at midpoint of the week and also near the midpoint of previous week.
Outlook It is a wait and see situation. Many traders are waiting for someone else to take the lead for the next move. The setup is now complete for a major breakout to either direction. A successful breakout above Y+1 and that previous month close acting as support will confirm the long term bottom.
Lawrence's Comment
Recap
No breakout as euro is trapped within previous week tight range. Closed the week below Y-0 and midpoint.
Outlook
Bear flag breakout to the downside on daily points to ...
Lawrence's Comment
Recap
Tight range consolidation all week even though US dollar has strengthen across the board last week. Good example of low participation translate into meaningless price movements on higher timeframes. ...
USDJPY May 16 to May 20 Outlook
Consolidation within 50% of previous week range. No serious attempt to break out of the range at all. Closed the week at midpoint of the week and also near the midpoint of previous week.
Outlook
It is a wait and see situation. Many traders are waiting for someone else to take the lead for the next move. The setup is now complete for a major breakout to either direction.
A successful breakout above Y+1 and that previous month close acting as support will confirm the long term bottom.
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