Recap Held Y-0 and pushed higher for upside breakout and failed. That lead to a clear break of Y-1 and turning Y-0 into resistance. Closed the week at Y-1 and below midpoint.
Outlook Both upside target and downside target were not reached. Outside week reversal in place so more downside is expected. Obvious target for now is B-2 as that is also where the melt up move started. That causes a problem as the Japanese government and BOJ want dollar yen to go higher. Not sure if they will intervene heavily to defend the 100 area.
Lawrence's Comment
Recap
Failure to bounce in the beginning of the week got us the 3X target mentioned last week. After target B-2 tagged, ES turned range bound and on ...
Lawrence's Comment
Recap
The best pair to trade last week. Breakout play from Y+1 to Y+2. A thin up channel in place giving us a potential top in the making. Lower high ...
Lawrence's Comment
Recap
As explained last week, short term low should be in place and it worked out nicely. Y-0 support sent this up to Y+1 and pushed up again but failed ...
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 May 27 to May 31 Outlook
Lawrence’s Comment
Held Y-0 and pushed higher for upside breakout and failed. That lead to a clear break of Y-1 and turning Y-0 into resistance. Closed the week at Y-1 and below midpoint.
Outlook
Both upside target and downside target were not reached. Outside week reversal in place so more downside is expected. Obvious target for now is B-2 as that is also where the melt up move started. That causes a problem as the Japanese government and BOJ want dollar yen to go higher. Not sure if they will intervene heavily to defend the 100 area.
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