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Mar 08 - 05:55 PM

USD/JPY - Techs Warn 2020's Plunge Could Be Fully Undone

By Randolph Donney  —  Mar 08 - 03:37 PM
  • USD/JPY's in the midst of a runaway reversal of 2020's plunge

  • Above the nearby 200-WMA at 109 the focus is on 109.56/85 hurdles

  • Those are the 76.4% Fibo of the March-January dive and June's spike EBS high

  • With weekly RSIs their most overbought since Dec 2016 pullback risk's rising

  • Failure to clear June's high and 110 on the first try might spark a pullback

  • The cleared 61.8% and 50% Fibos at 108.23/7.16 would then become supports

  • Beyond 110 are 2020's peak & 161.8% Fibo off the 102.60-6.22 base @110.10/23

For more click on FXBUZ


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Source:
Refinitiv IFR Research/Market Commentary

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