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May 10 - 04:55 AM

USD/JPY - Set For Fifth Weekly Close In A Row Above A Broken Fibo

By Martin Miller  —  May 10 - 03:25 AM
  • USD/JPY outlook bullish since spot overcame major 152.60 Fibo in April

  • Spot is set for the fifth weekly close in a row above 152.60 Fibo

  • 152.60 Fibo, a 38.2% retrace of major 277.65 to 75.31 (1982 to 2011) drop

  • However, there needs to be an initial break above the 156.05 Fibo

  • 156.05 Fibo, a 50% retrace of the 160.24 to 151.86 2024 (EBS) drop

  • We remain long at 155.25 for 165.00, meanwhile our stop is just below 150.00

  • EUR/JPY 167.44-167.88 EBS range on Friday. USD/JPY Trader TGM2336

Source:
Refinitiv IFR Research/Market Commentary

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