USDJPY Week of Nov 22nd to 26th Outlook

By Lawrence

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.