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Aug 07 - 04:55 AM

USD/JPY - Rebound Weakens Short-Term Retrace Potential

By Peter Stoneham  —  Aug 07 - 02:55 AM
  • USD/JPY's five-day, 138.05-143.89 surge on EBS, was set to retrace

  • Friday's slide broke the 38.2% of the rise at 141.66

  • A second big black candle leaves prices well below the daily cloud top

  • However, a Monday rebound clouds direction and damages bearish potential

  • Daily cloud top and Frid's high the hurdles, 142.46-142.90 respectively

  • We still lean bearish but will stand aside for now

    For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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