USDJPY Mar 05 to Mar 09 Outlook

By News Robot

Lawrence’s Comment

Recap
Breakout upside right from the start of the week met with news shock sending the pair back to Y-0. Y-0 acted as support and closed the week at our upside target.

Outlook
The delay in tagging the upside target by end of week means there are enough sellers around Y+1 area making it a significant price level.

If a top is formed between Y+1 and B+1, dollar yen will have its first important pullback that can last 2 to 3 weeks with B-1 as the first downside target.

If B+1 is cleared, then B+2 should be tagged quickly.

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