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Jan 17 - 06:12 AM

USD/JPY - Could Soar If Stops Clustered Above Fibo Are Triggered

Published on Jan 17 - 04:05 AM
  • Dollar hits 8-mth high on yen nL4N29M0ZQ, see tight 110.16-110.30 range

  • USD/JPY bulls increasingly likely to charge at a major Fibo nL1N29M05L

  • 110.53 Fibo is a 76.4% of the 112.40 to 104.46 multi-month (EBS) drop

  • There is talk of buy stops clustered above the 110.53 Fibo

  • Bidding interest tipped at and above 110.00 from a mix of players

  • EUR/JPY's 30/60-day log correlations with USD/JPY are +0.62/+0.64

Weekly Fibo Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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