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Oct 15 - 05:55 AM

USD/JPY - Bulls Could Be Set To Charge At A Major Long-Term Fibo

By Martin Miller  —  Oct 15 - 03:47 AM
  • USD/JPY bulls focus is now on the major long-term 114.53 Fibonacci level

  • 114.53 Fibo is a 76.4% retrace of the 118.66 to 101.18 (2016 to 2020) fall

  • A break and weekly close above 114.53 Fibo will accelerate further up

  • Tuesday's 113.00 low limited the downside, our bid is now at 113.10

  • Previous 112.40/23 (2019/2020) highs should now revert to support levels

  • Fourteen-day momentum remains positive, reinforcing the bullish bias

  • EUR/JPY has seen a 131.85-132.58 range so far. USD/JPY Trader TGM2336

Daily Chart: Click here

Weekly Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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