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Feb 21 - 04:55 AM

USD/JPY - Very Bullish Due To Sustained Trading Above Broken Fibo

By Martin Miller  —  Feb 21 - 02:55 AM
  • USD/JPY has scope for bigger gains to test 2023/2022 151.92/94 peaks

  • That after remaining above broken 149.17 Fibo for nine days in a row

  • 149.17 Fibo is a 76.4% retrace of the (Nov-Dec) 151.92-140.27 (EBS) drop

  • Fourteen-day momentum remains positive, reinforcing the overall bull market

  • As does the positive alignment of the daily tenkan and kijun lines

  • EUR/JPY has seen a 162.05-162.27 range, on Wednesday, EBS data shows

  • USD/JPY Trader TGM2336. Bid at 149.80. Previous update nL2N3F50LT

Source:
Refinitiv IFR Research/Market Commentary

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