Recap Popped higher right from the start of the week. Pullback found support at Y+1 / previous week close pointing to Y+2 target in play. Got Y+2 and consolidated around it since. Closed the week near Y+2 and week high.
Outlook Ninja unstable after tagging 102. On weekly basis ninja has completed its primary upside objective for now. Unless some fundamental event happens, ninja will have a difficult time going higher from here.
A pullback is due but not necessary until ninja is stretched a bit further. A spike high reversal against B+1 points to a more significant pullback to B-1 is likely.
Lawrence's Comment
Recap
I thought the backfill back down to Y-1 was going to be choppy. Instead, we got this clean directional slide all the way down. Cleared Y-1 easily and then ...
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USDJPY Dec 02 to Dec 06 Outlook
Lawrence’s Comment
Popped higher right from the start of the week. Pullback found support at Y+1 / previous week close pointing to Y+2 target in play. Got Y+2 and consolidated around it since. Closed the week near Y+2 and week high.
Outlook
Ninja unstable after tagging 102. On weekly basis ninja has completed its primary upside objective for now. Unless some fundamental event happens, ninja will have a difficult time going higher from here.
A pullback is due but not necessary until ninja is stretched a bit further. A spike high reversal against B+1 points to a more significant pullback to B-1 is likely.
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