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May 01 - 04:55 PM

USD/JPY - Breaks Out Toward March Highs, 140.30S Possible Secondary Targets

By Randolph Donney  —  May 01 - 03:50 PM
  • Big breakout above April's 135.14 EBS high toward March's 137.90 trend high

  • Prices set to close above 200-DMA at 137.01 for 1st time since Dec. 20 dive

  • Daily RSI is overbought, though not bearishly diverging thus far

  • The 137.90 high is by the 100% Fibo off the 129.645-133.75 March-April base

  • And the full 161.8% Fibo objective is at 140.39

  • That's very close to the A=C wave target off Jan & March lows at 140.33

  • Value bid by April's highs should March's highs trigger a correction

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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