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May 31 - 05:55 AM

USD/JPY - Fails Above A Key Fibo, Increasing The Downside Risk

By Martin Miller  —  May 31 - 04:30 AM
  • USD/JPY briefly broke above 128.27 Fibo, Tuesday, before the latest relapse

  • 128.27 Fibo, a 38.2% retrace of the May 131.35 to 126.37 (EBS) drop

  • That keeps the bias on the downside, expect a drop under the May 126.37 base

  • That in turn will unmask the thickening 121.92-125.85 daily cloud region

  • Especially as 14-day momentum is negative, reinforcing the downside risk

  • EUR/JPY sees a 137.08-98 Tuesday range so far, according to EBS data

  • USD/JPY Trader TGM2336

Daily Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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