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May 11 - 04:55 AM

USD/JPY - Retains A Bullish Bias Despite The Recent Setback

By Martin Miller  —  May 11 - 03:18 AM
  • Despite a setback, USD/JPY overall scope is for eventual gains above 110.00

  • Fourteen-day momentum remains positive, reinforcing bullish market structure

  • May 3 failure to register a close above 109.64 Fibo set up a bull trap

  • 109.64 Fibo, a 61.8% of the 110.97 to 107.48 (March to April) EBS drop

  • Thick and rising cloud, that spans 107.27-109.34, should stem losses

  • USD/JPY Trader TGM2336. Previous update nL1N2MX09E

  • EUR/JPY has seen a 132.02-26 range on Tuesday according to EBS prices

Daily Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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