As expected, rally in USDJPY continued last week. It failed to tag previous month high, however, making it difficult to tell if it is more likely to take out that price level (yellow zone) or not.
Next week outlook
Focus on price actions around the yellow zone, if it is taken out quickly, 2x upside weekly expansion (green zone) will be very likely.
Sell formation at yellow zone on 4 hours or higher timeframe implies monthly structure in play and that previous month midpoint (red zone) will be in play again.
Lawrence's Comment
Recap
The easy play last week. Y-0 acted as resistance and gave us a selloff down to Y-3 my target. It cannot get any easier than this. Closed the week ...
Lawrence's Comment
Recap
Situation in Crimea produced the spike reversal I was looking for. It happened overnight from Sunday which is not showing on this chart. Short squeeze produced a measured move ...
USDJPY Week of Nov 22nd to 26th Outlook
Recap of last week
As expected, rally in USDJPY continued last week. It failed to tag previous month high, however, making it difficult to tell if it is more likely to take out that price level (yellow zone) or not.
Next week outlook
Focus on price actions around the yellow zone, if it is taken out quickly, 2x upside weekly expansion (green zone) will be very likely.
Sell formation at yellow zone on 4 hours or higher timeframe implies monthly structure in play and that previous month midpoint (red zone) will be in play again.
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