Recap Pullback as expected. Down to Y-0 zone as expected. And took off to retest Y+1, then breakout to almost Y+2. Closed the week near high of week.
Outlook The upside target of Y+2 was not tagged. It should be tagged early next week.
The 81-82 resistance area is now cleared. Next is likely short term top near 83 area. Most of the initial upside momentum are now used up so going higher will be more difficult.
From this point onward, dollar yen has to build a long term higher base to absorb the sellers without dropping below 79 (preferred 80).
Next week looking for a run to Y+2 upto B+2 for a top to form.
Lawrence's Comment
Recap
The moment ninja weaken, we have BOJ at it again. 100% absolute range expansion stopped the run. Closed the week above Y+1 and midpoint.
Outlook
2nd week stair step rally driven ...
USDJPY Mar 12 to Mar 16 Outlook
Lawrence’s Comment
Pullback as expected. Down to Y-0 zone as expected. And took off to retest Y+1, then breakout to almost Y+2. Closed the week near high of week.
Outlook
The upside target of Y+2 was not tagged. It should be tagged early next week.
The 81-82 resistance area is now cleared. Next is likely short term top near 83 area. Most of the initial upside momentum are now used up so going higher will be more difficult.
From this point onward, dollar yen has to build a long term higher base to absorb the sellers without dropping below 79 (preferred 80).
Next week looking for a run to Y+2 upto B+2 for a top to form.
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