As expected, rally in USDJPY continued last week. It failed to tag previous month high, however, making it difficult to tell if it is more likely to take out that price level (yellow zone) or not.
Next week outlook
Focus on price actions around the yellow zone, if it is taken out quickly, 2x upside weekly expansion (green zone) will be very likely.
Sell formation at yellow zone on 4 hours or higher timeframe implies monthly structure in play and that previous month midpoint (red zone) will be in play again.
Lawrence's Comment
Recap
Y-0 support gave us the breakout I was looking for. Got Y+2 and paused there. And then the big news on gold helped Aussie clearing the resistance with a ...
Lawrence's Comment
Recap
Consolidation actions as expected. Rally towards end of week was mainly a stop hunt. Sold off by end of the week due to news shock regarding conflict in Ukraine. ...
Lawrence's Comment
Recap
2-way action around previous week close. Head and shoulder breakdown capped by higher timeframe support below and led to a squeeze higher back up to shoulder top. Closed the ...
USDJPY Week of Nov 22nd to 26th Outlook
Recap of last week
As expected, rally in USDJPY continued last week. It failed to tag previous month high, however, making it difficult to tell if it is more likely to take out that price level (yellow zone) or not.
Next week outlook
Focus on price actions around the yellow zone, if it is taken out quickly, 2x upside weekly expansion (green zone) will be very likely.
Sell formation at yellow zone on 4 hours or higher timeframe implies monthly structure in play and that previous month midpoint (red zone) will be in play again.
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