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Jan 25 - 02:55 AM

USD/JPY - Has Been Propped By A Key Rising Technical Level

By Martin Miller  —  Jan 25 - 01:35 AM
  • Daily tenkan line rises to 146.87 on Thurs, should continue to prop USD/JPY

  • Wed's low was 146.65, spot was contained by the tenkan line then at 146.58

  • 14-day momentum remains positive, reinforcing the overall bullish bias

  • There is scope for eventual bigger gains to break the 149.17 Fibo

  • 149.17 Fibo is a 76.4% retrace of the (Nov-Dec) 151.92-140.27 (EBS) drop

  • We are long at 147.50. Trader TGM2336. Previous update nL1N3EE0M2

Source:
Refinitiv IFR Research/Market Commentary

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