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Apr 27 - 04:55 AM

USD/JPY's Fibo Break Was A Setback, But Momentum Still Up

By Martin Miller  —  Apr 27 - 02:40 AM
  • Spot suffered a setback to close under the 127.51 Fibo, a negative sign

  • 127.51 Fibo is a 23.6% retrace of the 121.28 to 129.43 (EBS) recent surge

  • However, another close under 127.51 needed to confirm the downward shift

  • Those bullish can take comfort from continued positive 14-day momentum

  • We remain long at 127.40 for a recovery, our stop is under 126.32 Fibo

  • 126.32 Fibo is a 38.2% retrace of the same 121.28 to 129.43 gain

  • EUR/JPY sees a 135.11-136.16 Wednesday range so far, according to EBS data

  • USD/JPY Trader TGM2336 Previous update nL2N2WO0FI

Daily Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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