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Jan 10 - 05:55 AM

USD/JPY's Failure Under A Key Fibo Monday Could Hurt Bears

By Martin Miller  —  Jan 10 - 03:40 AM
  • USD/JPY dropped and closed under the 132.15 Fibo on Friday

  • 132.15 Fibo is a 50% retrace of the 129.51 to 134.78 (EBS) rise

  • However spot failed Monday to register a daily close under the 131.52 Fibo

  • 131.52 Fibo is a 61.8% retrace of the same gain

  • That failure to close under 131.52 Fibo hints the downside risk is receding

  • A daily close under 131.52 Fibo needed to unmask the 130.75 Fibo (76.4%)

  • USD/JPY Trader TGM2336. EUR/JPY range has been 140.11-141.91 on Tuesday

Source:
Refinitiv IFR Research/Market Commentary

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