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Feb 07 - 05:00 AM

USD/JPY - Bulls Now Need A Break And Close Above A Key Fibo

By Martin Miller  —  Feb 07 - 03:05 AM
  • USD/JPY bulls continue the recovery from the Jan 31 108.31 low

  • Low was just ahead of 108.28 Fibo, 76.4% of 107.65 to 110.30 Jan (EBS) rise

  • Scope for gains through the 110.30 2020 peak grows

  • A daily close above which the 110.53 Fibo will accelerate

  • 110.53 Fibo, a 76.4% retrace of the 112.40 to 104.46 (April to August) drop

  • FX traders should watch out for bigger USD/JPY gains nL1N2A50AH

  • EUR/JPY sees 120.55-120.78. Prev nL1N2A605O. USD/JPY Trader TGM2336

Daily Ichimoku Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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