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Dec 01 - 05:55 PM

USD/JPY - Is Too Close To Middle Of Narrowing Range For A Good Trade

By Randolph Donney  —  Dec 01 - 03:45 PM
  • USD/JPY remains below its downtrend line from March at 105.36

  • And well up for November's 103.18-5.68 range lows

  • Prices mean reverted to 50% Fibo of Nov range and kijun at 104.43

  • Fourth straight week of higher lows, best run since May-June rebound

  • But this is so far a third straight inside week, so no strong bias yet

  • A close above last week's 104.76 EBS high would favor further gains

  • But need to be closer to the 105.36 dn TL for good risk vs reward short

  • 100-DMA and daily cloud top 105.43-47 reinforce the main down TL

    For more click on FXBUZ

Chart Click here

Source:
Refinitiv IFR Research/Market Commentary

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