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Feb 21 - 03:55 AM

USD/JPY - A USD/JPY Drop Under A Key Fibo Would Be A Very Bearish Sign

By Martin Miller  —  Feb 21 - 02:20 AM
  • FX traders should watch the 133.26 Fibo level very closely

  • 133.26 Fibo is a 23.6% retrace of the 127.22-135.12 (Jan-Feb) EBS rise

  • A break and daily close below 133.26 Fibo needed to weaken spot further

  • Spot stuck within thick daily cloud, that spans wide 131.85-137.38 region

  • The long upper shadow on Friday's candle line warn of an upside rejection

  • However, a break above Friday's 135.12 high would shift the bias

  • USD/JPY Trader TGM2336. EUR/JPY range has been 143.21-60, Tuesday, so far

Source:
Refinitiv IFR Research/Market Commentary

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