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Nov 02 - 06:55 AM

USD/JPY - Bulls Should Not Panic Unless Spot Closes Under A Fibo

By Martin Miller  —  Nov 02 - 04:45 AM
  • Suffers a setback after the biggest one-day rise since June 2022 on Mon

  • But those that a bullish should not panic unless there close under 150.28

  • 150.28 is where the daily tenkan line resides and is also a 50% Fibo

  • 150.28 is a 50% Fibonacci retrace of this week's 148.81 to 151.74 (EBS) rise

  • 14-day momentum remains positive, reinforcing the bullish market

  • Plus the positive alignment of the tenkan and kijun lines is also bullish

  • EUR/JPY sees a 159.07-64 range, according to EBS prices, on Thursday

  • USD/JPY Trader TGM2336. Previous update nL1N3C20II

Source:
Refinitiv IFR Research/Market Commentary

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