USDJPY Mar 02 to Mar 06 Outlook

By News Robot

Lawrence’s Comment

Recap
Tight range choppy mess as expected and the projected move to near 120 happened twice. Closed the week above Y+1 and midpoint.

Outlook
The BOJ intention is clear, they do not really cap ninja on the upside as they think ninja will be unsustainable beyond 124 so all they have been doing is defending 118-119. Their action produces a strongly unbalanced market force on higher timeframes with potential monthly breakout to the upside. Unintended consequence can be a melt up to 128 on monthly. Until ninja can drop below 118 and stay below on weekly closing basis, proving BOJ is willing to let ninja “float”, short side play has very limited potential.

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