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Apr 20 - 05:55 PM

USD/JPY - Downtrend Intact, If Delayed Near 108 Props, Heavy 109+

By Randolph Donney  —  Apr 20 - 03:22 PM
  • Downtrend's break of 23.6% Fibo of 2021's rise at 109 has stalled near 108

  • But Tuesday's recovery attempt was rejected below last week's 108.61 lows

  • Next support is by the 38.2% Fibo at 107.77, and nearby 55-DMA and cloud top

  • But below there the 50% Fibo and weekly cloud top by 106.78 are the focus

  • Bearish bias while below 109 and the 30-DMA and kijun at 109.25/47 on EBS

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Source:
Refinitiv IFR Research/Market Commentary

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