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Jul 08 - 07:24 AM
USD/JPY - Significant Trend Break But Lacking Follow Through
First appeared on eFXplus on Jul 08 - 05:25 AM
  • Topside break out Friday with a trend line breach at 108.21
  • 14-day momentum negative and still reflecting the late June price drop
  • Easier early Monday as mkt backs away from June highs approaching 109.00
  • We have a bid by 107.75 and would set a tight stop below 107.54 July 3 low
  • A long play objective for a run to the late May highs around 109.50
  • Weekly action still range trading just below a thin ichimoku cloud

USD/JPY Trader:

USD/JPY Daily Candle Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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