Recap Flushed and then bounced. But first reaction pullback failed to tag Y-0 and also failed to hold above Y-1. Closed the week near week low.
Outlook Flushing process started. The inability to even tagging Y-0 points to short term weaknesses.
Dollar yen at last line of defense here for its long term bullish setup. If it fails to hold above 79 on weekly close, the bottom built last year will likely be revisited again.
A quick rally breaking above B+1 will confirm reversal in place, pointing to retest of Y+1.
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
A simple forex trading signal that exploits the mean reversion behaviour of Euro and its Monday weaknesses. Do not underestimate a simple system like this. It is a very ...
Lawrence's Comment
Recap
Weaken early in the week but Y-1 was never tested. Consolidated below Y-0 during the quiet holidays. Then a low volume short squeeze / stop run took Loonie conveniently ...
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 May 07 to May 11 Outlook
Lawrence’s Comment
Flushed and then bounced. But first reaction pullback failed to tag Y-0 and also failed to hold above Y-1. Closed the week near week low.
Outlook
Flushing process started. The inability to even tagging Y-0 points to short term weaknesses.
Dollar yen at last line of defense here for its long term bullish setup. If it fails to hold above 79 on weekly close, the bottom built last year will likely be revisited again.
A quick rally breaking above B+1 will confirm reversal in place, pointing to retest of Y+1.
Share