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Dec 07 - 06:55 AM

USD/JPY's Rebound Persists, But It Could Run Out Of Steam Soon

By Martin Miller  —  Dec 07 - 05:10 AM
  • USD/JPY has risen from 136.80 to 137.85, on Wednesday, according to EBS data

  • Spot's recovery from the 133.62 multi-week low persists

  • The recent "bear trap" puts the focus on the key 137.94 Fibo nL1N32X0HX

  • 137.94 Fibo is a 23.6% retrace of the 151.94 to 133.62 (EBS) drop

  • USD/JPY's rise could run out of steam ahead of the 137.94 Fibo

  • However, euro has a strong bias to rise against yen in December nL1N32V0KP

  • Japan's FX reserves up for first time in 4 months nL4N32X07Y

Source:
Refinitiv IFR Research/Market Commentary

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