Recap We got our downside move and we got way more than we asked for. Not just y-2 was tagged, Yen slided all the way to below Y-3 and triggered extended target of Y-5. Once Y-5 was tagged, we got a bounce back to Y-3 as expected. All in all, violent reactions within the context prescribed by STOPD.
Outlook B-0 is now strong resistance. Only when Yen trade above B-0 before considering any long position. The reason is that such strong moves seldom ends after a single leg. B-2 is in play.
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
Lawrence's Comment
Recap
FBO against Y+1 gave us a drop until 100% absolute range expansion. Since then bounced back up to week midpoint. Closed the week near Y-0 and below midpoint.
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Lawrence's Comment
Recap
As expected the squeeze driven rally did not last. Sharp pullback below Y-0 to close the open gap below happened first. Since then renew buying took Dow to Y+2 ...
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 Jul 18 to Jul 22 Outlook
Lawrence’s Comment
We got our downside move and we got way more than we asked for. Not just y-2 was tagged, Yen slided all the way to below Y-3 and triggered extended target of Y-5. Once Y-5 was tagged, we got a bounce back to Y-3 as expected. All in all, violent reactions within the context prescribed by STOPD.
Outlook
B-0 is now strong resistance. Only when Yen trade above B-0 before considering any long position. The reason is that such strong moves seldom ends after a single leg. B-2 is in play.
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