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Jul 31 - 05:55 AM

USD/JPY - At Risk Of A Slump To Key Fibo Support

By Martin Miller  —  Jul 31 - 03:35 AM
  • USD/JPY has seen three daily closes under the major 105.20 Fibo in a row

  • 105.20 Fibo is a 61.8% retrace of the 101.18 to 111.71 March recovery

  • Odds are growing for a deeper drop to the next major 103.67 Fibo

  • 103.67 Fibo is a 76.4% retrace of the same March gain

  • We are looking to get short on near-term recovery moves to 105.20

  • USD/JPY Trader TGM2336. Previous update nL2N2F10AM

  • Dollar chart points to continued weakness in August nL2N2F10HA

Daily Ichimoku Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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