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Feb 17 - 07:55 AM

USD/JPY - Bulls Lose Traction Above 106.00, Trend Slows

By Peter Stoneham  —  Feb 17 - 05:55 AM
  • Impressive five-day bull run out of the Feb 10 104.41 reversal signal

  • New high of 106.22 (EBS data) Wed but profit taking spoils the party

  • slightly softer UST yields leaning on the dollar but pullback limited

  • Japanese exporters also likely to slow moves above 106.00 nL1N2KN04K

  • Option defence also in the topside mix: talk of KOs at 106.50 and 107.00

  • Still favour the topside with shallow pullbacks keeping trend healthy

  • Target key 50% Fibo, off 111.71-102.60 drop, at 107.15

For more click on FXBUZ








USD/JPY daily candle chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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