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Oct 04 - 05:00 AM
USD/JPY - A USD/JPY "hammer" Warns Of A Possible Downside Rejection
First appeared on eFXplus on Oct 04 - 02:45 AM
  • Spot broke two big tech levels Thurs, but only managed a close below one

  • 106.94 Fibo, cloud top at 106.89 both gave way: Thursday close was at 106.93

  • 106.93 Fibo is 38.2% retrace of 104.46 to 108.48 (August to September) rise

  • Hammer: long tail left on Thursday's candle could be a downside rejection

  • We remain long at 107.05 for a recovery to 109.30, our stop is at 106.20

  • EUR/JPY EBS range has been 117.18-33. Previous USD/JPY update nL2N26O058

Daily Ichimoku Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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