Recap News shock created the double top and breached Y-0 support. The downside target of the double top tagged by end of the week. Closed the week below Y-1.
Outlook Lowest price level for dollar yen in years printed this past week. The bottom picking in this pair has created a huge imbalance that a flush of this kind is unavoidable.
Still looking for the bottom forming process to complete first before trading this pair. If we get a w. spring from this new low off the previous long term low, the bottom will be confirmed.
Obviously they do not plan to do anything at the current price level, otherwise they would have intervened the market first and tell you afterwards.
July close / low is resistance ...
Lawrence's Comment
Recap
Y-0 acted as support since the start of the week and a spike down from Y+1 failed to clear that resulting in a very powerful short squeeze. Y+3 ...
USDJPY Oct 24 to Oct 28 Outlook
Lawrence’s Comment
News shock created the double top and breached Y-0 support. The downside target of the double top tagged by end of the week. Closed the week below Y-1.
Outlook
Lowest price level for dollar yen in years printed this past week. The bottom picking in this pair has created a huge imbalance that a flush of this kind is unavoidable.
Still looking for the bottom forming process to complete first before trading this pair. If we get a w. spring from this new low off the previous long term low, the bottom will be confirmed.
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