First test of Y+1 held ninja back. Y-0 acted as support on pullback. 2nd try at Y+1 cleared the resistance. Strong reaction right below 104 sending ninja back down to week mid. Closed the week below Y+1 and above midpoint.
Outlook
As mentioned last week BOJ and Japanese government would do something to disrupt the rally. As long as Y+1 not breached on 4 hour, we have to assume FBO against Y+1 is in place with Y-1 as target.
Japanese takes end of year holidays very seriously. Major slow down in price movement is expected until after the first week of next year.
Expectation of euro going lower paid off. FOMC announcement failed to swing euro above Y+1 and gave us the Y-2 target. Closed the week below Y-1 and midpoint.
Outlook
As long as B-0 acting as resistance, euro should consolidate with downside bias towards B-2.
GBPUSD comments for the week of 2013 Dec 30 to 2014 Jan 3
Recap
Another pair that started out with a quiet week led to an explosive upside stop run. Closed the week near Y+1 and above midpoint.
Outlook
2nd time spike higher trying to clear the 1.65 area yet failed to close above the resistance level at Y+1 / 1.65. The intention is not clear at this point due to low volume.
Next week is still part of the holiday season making it not a good time to trade aggressively.
Lower open did not breach the breakout boundary. Yet first try to go higher stalled below Y+1. Successfully defended defended week low leading to upside breakout to Y+2. Closed the week above Y-0 and midpoint.
Outlook
Outside week and breached the breakout boundary yet failed to close above Y+1. Typical low volume envrironment with false breakout everywhere. Need Aussie to find support at Y-0 and start going higher to confirm the upside breakout. Upside target B+2.
