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Apr 19 - 05:55 PM

USD/JPY - Holds Props By 108, But Tech Bias Remains Bearish Below 109

By Randolph Donney  —  Apr 19 - 03:35 PM
  • Tech bias remains to fade USD/JPY rallies toward key resistance at 109

  • Prices broke last week's 108.61 low and up TL across mid-March lows there

  • The 108.01 EBS low is by an ABC measured objective

  • That's the 110.97-109.00 drop subtracted from April 9's 109.96 high

  • The weekly Tenkan at 107.95 also offers some support

  • Next props are 38.2% Fibo of 2021's rise by 55-DMA at 107.77-75

  • Bigger downside targets are by the 50% Fibo at 106.78

For more click on FXBUZ


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Source:
Refinitiv IFR Research/Market Commentary

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