Recap Tested Y+1 alright. Failed at once forcing the pair back down to Y-1. Y-1 failed to act as support opening the door to selling off down to Y-2. Closed the week below Y-1 but did not tag Y-2.
Outlook Weaknesses in the pair was partly news shock (i.e. Japanese government b.s.) and partly the slow pullback I have been talking about since its top.
There is no reason for the pair to go higher until the shake out is completed and that most of the weak hands on the long side are removed.
The first sign this consolidation / pullback process will be completed is that we get a 4 hour or higher timeframe double bottom or 1-2-3 buy off the weekly support levels.
For more information about this report please refer to the Market Bias Informant pageTrading day for Forex symbols start at around 5 pm ET depending on Daylight Saving Time schedule
For more information about this report please refer to the Market Bias Informant pageTrading day for Forex symbols start at around 5 pm ET depending on Daylight Saving Time schedule
For more information about this report please refer to the Market Bias Informant pageTrading day for Forex symbols start at around 5 pm ET depending on Daylight Saving Time schedule
Lawrence's Comment
Recap
Y+1 / previous week close acted as support and sent this higher until 100% absolute range expansion. Reaction to Y+2 dropped this back down to below Y-1.
Outlook
Daily ...
Lawrence's Comment
Recap
NQ did not zoom higher and failed to clear Y+1. That opened the door to retest of Y-0 and we got that from a fierce gap down. NQ bounced ...
Lawrence's Comment
Recap
ES tagged Y-0 first before moving lower. That helped ES in finding support above the open gap below. FBO against Y-1 gave us a run back up to week ...
USDJPY Apr 09 to Apr 13 Outlook
Lawrence’s Comment
Tested Y+1 alright. Failed at once forcing the pair back down to Y-1. Y-1 failed to act as support opening the door to selling off down to Y-2. Closed the week below Y-1 but did not tag Y-2.
Outlook
Weaknesses in the pair was partly news shock (i.e. Japanese government b.s.) and partly the slow pullback I have been talking about since its top.
There is no reason for the pair to go higher until the shake out is completed and that most of the weak hands on the long side are removed.
The first sign this consolidation / pullback process will be completed is that we get a 4 hour or higher timeframe double bottom or 1-2-3 buy off the weekly support levels.
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