Recap Intervention effect completely washed out in just a few days. Yen closed around Y-1.
Outlook Complete reversal of a sharp move indicates rejection. The difficult here is that the sharp move rejected a very wide range from 78 to 80 and up. Thus a retest of that is possible and that makes shorting any price level below B+1 higher risk than usual.
Downward bias on the pair but not easily tradable for this week.
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
Bounced off the close of previous week and zoomed up to Y+1 before it stalled. Y-0 acted as support and sending the pair back up to Y+1 again. ...
Lawrence's Comment
Recap
Y-0 failed to act as support and turned into resistance. Channel break down led to test of the start of the channel which is Y-2. Found support at 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
Lawrence's Comment
Recap
Euro held support mentioned last week and rallied to normal Y+2 upside target. Strong reaction against Y+2 gave us a drop back down to Y+1. Closed the week below ...
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 Aug 15 to Aug 19 Outlook
Lawrence’s Comment
Intervention effect completely washed out in just a few days. Yen closed around Y-1.
Outlook
Complete reversal of a sharp move indicates rejection. The difficult here is that the sharp move rejected a very wide range from 78 to 80 and up. Thus a retest of that is possible and that makes shorting any price level below B+1 higher risk than usual.
Downward bias on the pair but not easily tradable for this week.
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