USDJPY Feb 07 to Feb 11 Outlook
Early part of the week was an attempt to hold the previous week low (Y-1) area. But we knew that the strong rejection at Y+1 implied the likely push towards Y-2. Target reached in mid-week. End of week shock created a squeeze on the late shorts but that is not enough to push thru previous week midpoint (Y-0).
Potential w. spring in place as the week low (B-1) was rejected with huge reaction. As long as week midpoint (B-0) acts as support, B+2 is in play.
If B-0 failed to act as support, the 200% downside expansion target (Y-3) will be next downside target.