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Jan 17 - 03:55 AM

USD/JPY - Chart Shows It Is In Danger Of A Big Relapse

By Martin Miller  —  Jan 17 - 02:40 AM
  • USD/JPY's recent big slump saw it hit a new multi-month 127.22 (EBS) low

  • Despite the subsequent recovery moves, the risk is for a big relapse

  • There is scope for a slump under the major 126.56 Fibo, eventually

  • 126.56 Fibo is a 50% retrace of 101.18 to 151.94 (2020 to 2022) EBS rise

  • Fourteen-week momentum remains negative, reinforcing the bearish market

  • Offer at 129.90. USD/JPY Trader TGM2336. Previous update nL1N3410FD

  • EUR/JPY range has been 138.84-139.54, on Tuesday, so far

Source:
Refinitiv IFR Research/Market Commentary

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