Recap Pullback started. Dropped close to 77. Not quite 76.5 support zone yet.
Outlook If USDJPY is doing a spike and ledge like the previous invention, then 76.5 would not hold and we should see complete retracement back to the point where intervention was initiated.
This week will be critical for us to tell if dollar yen is snapping out of its long term down trend.
Lawrence's Comment
Recap
More upside as projected. Sideway actions around Y+1 is normal after wide range reversal week. Closed the week above Y+1 and midpoint.
Outlook
As long as Y+1 / B-0 ...
USDJPY Nov 14 to Nov 18 Outlook
Lawrence’s Comment
Pullback started. Dropped close to 77. Not quite 76.5 support zone yet.
Outlook
If USDJPY is doing a spike and ledge like the previous invention, then 76.5 would not hold and we should see complete retracement back to the point where intervention was initiated.
This week will be critical for us to tell if dollar yen is snapping out of its long term down trend.
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