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May 02 - 04:55 PM

USD/JPY - Gets Needed Correction Ahead Of March Highs, Value Seen Near 135

By Randolph Donney  —  May 02 - 03:30 PM
  • Tuesday's 137.78 EBS high by March's 137.90 peak left it overbought

  • Prices corrected lower, so far holding above Monday's 136.20 low

  • Also above the 38.2% and 50% Fibos of the 133.005-7.78 rise at 135.96/5.39

  • The latter is also the daily tenkan

  • Value bid at 135.15 near where the 200-HMA will rise to on Wednesday

  • And also by the April 19 swing high at 135.14

  • Fibos targets off Jan & March lows and March-April base are at 140.33/39

  • But a close above hurdles by 138 is needed to trigger a breakout

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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