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May 10 - 03:55 AM

USD/JPY - Drop Likely To Be Contained By Thickening Cloud Support

By Martin Miller  —  May 10 - 01:58 AM
  • Despite a USD/JPY setback, overall scope is for eventual gains above 110.00

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

  • Recent 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 107.23-109.19, should limit downside

  • USD/JPY Trader TGM2336. Previous update nL1N2MU0FS

  • EUR/JPY has seen a 132.08-37 range on Monday according to EBS prices

Daily Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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