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May 13 - 07:55 AM

USD/JPY - This Week Could Prove To Be A Turning Point For USD/JPY

By Martin Miller  —  May 13 - 06:10 AM
  • Yen set to snap nine weeks of losses nL3N2X50VC

  • The USD/JPY chart could get even more negative nL2N2X50CA

  • A daily close under the 128.00 Fibo would weaken the outlook

  • 128.00 Fibo is a 76.4% retrace of the recent 126.97-131.35 rise

  • USD/JPY has seen a 128.30-129.35 range, according to EBS prices

  • EUR/JPY's 30/60-day long correlations with USD/JPY well above +0.50

  • The two currency pairs close in the same direction more often than not

Weekly Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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