Recap Consolidation within 50% of previous week range. No serious attempt to break out of the range at all. Closed the week at midpoint of the week and also near the midpoint of previous week.
Outlook It is a wait and see situation. Many traders are waiting for someone else to take the lead for the next move. The setup is now complete for a major breakout to either direction. A successful breakout above Y+1 and that previous month close acting as support will confirm the long term bottom.
Lawrence's Comment
Recap
Initial break of Y-1 resulted in strong reaction and sent this back up to Y-0. Y-0 resistance confirmed and dropped this down to Y-2. Support found and drifted back ...
Recap of Last Week Run above yellow zone tagging prior week high. Then w. thrust against prior week high and stalled back to prior week midpoint and failed to ...
Lawrence's Comment
Recap
More news from euro zone as expected. Move to Y+2 and it capped the up swing as mentioned last week. No surprise there. Closed the week at ...
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USDJPY May 16 to May 20 Outlook
Consolidation within 50% of previous week range. No serious attempt to break out of the range at all. Closed the week at midpoint of the week and also near the midpoint of previous week.
Outlook
It is a wait and see situation. Many traders are waiting for someone else to take the lead for the next move. The setup is now complete for a major breakout to either direction.
A successful breakout above Y+1 and that previous month close acting as support will confirm the long term bottom.
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