Trading Edges That Last
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USDJPY Oct 27 to Oct 31 Outlook
Lawrence’s Comment
Bear flag on 4 hours broken to the down side gave us a nice drop to Y-0. Y-0 support led to a run for week high and then breakout clearing Y+1. Original bear flag turns into measured move. Closed the week above Y+1 and midpoint.
Outlook
Measured move so far is just a bigger bear flag on daily. Until ninja properly form a bottom it is not as bullish as many suggested. A drop back down to B-0 is likely. A break down to B-1 is also likely.
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