Recap Bullish expectation is correct with Y-0 support pushing higher. 125 round number attracted selling and forced ninja back down. Closed the week below Y+1 and midpoint.
Outlook It is now clear than BOJ is determined to fight any attempt to push ninja above 125. Short term this means a cap above and wild swings back down below is possible but not necessary. Y-0 / B-1 strong support until proven otherwise.
Lawrence's Comment
Recap
Took a whole week of up drift to go back up to the top of the resistance zone mentioned last week. Tight range and no conviction. Closed the week ...
The failure of euro to hold above the previous year close is now proven to be very bearish. 1.30 is a critical price zone that euro must defend as there ...
USDJPY Aug 10 to Aug 14 Outlook
Lawrence’s Comment
Bullish expectation is correct with Y-0 support pushing higher. 125 round number attracted selling and forced ninja back down. Closed the week below Y+1 and midpoint.
Outlook
It is now clear than BOJ is determined to fight any attempt to push ninja above 125. Short term this means a cap above and wild swings back down below is possible but not necessary. Y-0 / B-1 strong support until proven otherwise.
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