Recap Whiplash action week. Ninja pushed lower to challenge the prior outside week low and failed to breach the support, that opened the door to a rally back to the top of the range above Y+1. At the end of the week, ninja did a blowoff move to Y+3 before it can finally stop. Closed the week near Y+2 and above midpoint.
Outlook I was wrong last week thinking that ninja would be trapped inside the range of the prior two weeks. Development in Ukraine nudged ninja higher. It is not really a surprising move though because it is similar to what happened back in August 2008 when the conflict between Russia and Georgia happened.
Still leaning towards range bounded actions until the situation in Ukraine is resolved.
Lawrence's Comment
Recap
Weakest of the big 3 indices, Dow consolidated around Y-1 without giving us any directional move. Closed the week below Y-1 and near midpoint.
Outlook
Bull flag on daily ...
Lawrence's Comment
Recap
Wait and see mode as mentioned last week. Previous week close acted as support sending ninja back up to Y-0 and then back up to the crime scene right ...
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
USDJPY Mar 10 to Mar 14 Outlook
Lawrence’s Comment
Whiplash action week. Ninja pushed lower to challenge the prior outside week low and failed to breach the support, that opened the door to a rally back to the top of the range above Y+1. At the end of the week, ninja did a blowoff move to Y+3 before it can finally stop. Closed the week near Y+2 and above midpoint.
Outlook
I was wrong last week thinking that ninja would be trapped inside the range of the prior two weeks. Development in Ukraine nudged ninja higher. It is not really a surprising move though because it is similar to what happened back in August 2008 when the conflict between Russia and Georgia happened.
Still leaning towards range bounded actions until the situation in Ukraine is resolved.
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