Recap First part of the week the pair took off from our support zone and reached Y+3, clearing our upside targets. Tagging Y+3 too fast usually results in a steep pullback to Y+1. That was expected and happened. The surprise though, was that news shock killed the Y+1 support. Closed the week at the low.
Outlook The bullish bottoming structure on weekly is in danger. The support zone built for months now will face its biggest challenge in coming few weeks.
Not interested in going short from here. Let’s see if the pair can again form a better bottom in near future.
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
Consolidation with low volume all week. Trapped within previous week range. Closed the week near Y-0 and midpoint.
Outlook
Consolidation / compression until first week of next year is ...
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
Consolidation around Y+1 with 50% previous week range. Closed the week at Y+1.
Outlook
Breaking about B+1 should give us B+2 quickly.
The unlikely scenario is that B-1 is breached ...
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
Recap of Last Week Early in the week a low was formed to create a powerful IHS with neckline at approx. prior week high (green zone). A breakout of ...
USDJPY Jan 30 to Feb 03 Outlook
Lawrence’s Comment
First part of the week the pair took off from our support zone and reached Y+3, clearing our upside targets. Tagging Y+3 too fast usually results in a steep pullback to Y+1. That was expected and happened. The surprise though, was that news shock killed the Y+1 support. Closed the week at the low.
Outlook
The bullish bottoming structure on weekly is in danger. The support zone built for months now will face its biggest challenge in coming few weeks.
Not interested in going short from here. Let’s see if the pair can again form a better bottom in near future.
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