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.