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Jan 20 - 04:55 AM

USD/JPY - Chart Shows The Upside Has Likely Been Rejected

By Martin Miller  —  Jan 20 - 02:50 AM
  • A large upper shadow on Wednesday's candlestick chart is very bearish

  • That highlights a likely rejection of the upside

  • Scope for losses to 126.56 Fibo, 50% of 101.18-151.94 (2020-2022) EBS rise

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

  • We are short at 129.90. USD/JPY Trader TGM2336. Prev update nL1N3440L2

  • EUR/JPY range has been 139.10-140.00, on Friday, so far

Source:
Refinitiv IFR Research/Market Commentary

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