Recap Y-1 tested and held up. Ninja was then sent back up to Y-0 and round number at 120. 120 sellers show up and pressed ninja back down. Closed the week below Y-0 and midpoint.
Outlook Overall still a consolidation week, just a bit more than 50% week range due to the 120 magnet. No declared winner on either side as bears could not break Y-1 while bulls cannot keep ninja above midpoint.
Retest of Y-1 / B-1 likely. That holds we get a serious rally back to at least Y-0 again.
Lawrence's Comment
Recap
Breakout to the downside. Completed 200% range expansion then bounced. Closed at Y-3.
Outlook
Back to long term support zone 76-78 again. Consolidation below B-0 is expected with downside ...
Lawrence's Comment
Recap
No trend as expected. Y-1 acted as support and gave us a drift up until 100% absolute range expansion was reached. Closed the week above Y-0 and midpoint.
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USDJPY Apr 27 to May 01 Outlook
Lawrence’s Comment
Y-1 tested and held up. Ninja was then sent back up to Y-0 and round number at 120. 120 sellers show up and pressed ninja back down. Closed the week below Y-0 and midpoint.
Outlook
Overall still a consolidation week, just a bit more than 50% week range due to the 120 magnet. No declared winner on either side as bears could not break Y-1 while bulls cannot keep ninja above midpoint.
Retest of Y-1 / B-1 likely. That holds we get a serious rally back to at least Y-0 again.
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