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May 14 - 05:55 AM

USD/JPY - Bulls Have Overcome Fibo Supply, Expect Bigger Gains

By Martin Miller  —  May 14 - 03:55 AM
  • FX traders have taken USD/JPY higher to break Fibo supply at 156.05

  • 156.05 Fibo is a 50% retrace of the 160.24 to 151.86 2024 (EBS) drop

  • Spot registered a fifth weekly close in a row above the 152.60 Fibo

  • It overcame the very long-term 152.60 Fibo level back in April

  • 152.60 Fibo, a 38.2% retrace of the 277.65 to 75.31 (1982 to 2011) drop

  • We remain long at 155.25 for 165.00, meanwhile our stop is just below 150.00

  • EUR/JPY 168.60-81 EBS range on Tuesday. USD/JPY Trader TGM2336

Source:
Refinitiv IFR Research/Market Commentary

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