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Sep 21 - 05:55 PM

USD/JPY's Slide Stalled At 104, Mean Reversion Rise Eyed As A Fade

By Randolph Donney  —  Sep 21 - 03:30 PM
  • USD/JPY rebounded after making 6-month EBS lows at 104

  • Daily RSIs had gotten oversold, reinforcing the bounce

  • 2018-19 lows all in the 104.00s, so close below would be important

  • A close above lower 21-d Bolli at 104.64 favors 21-DMA test, 105.79 last

  • But a daily range above the Bolli is key to the mean reversion trade

  • 38.2% Fibo of September's drop, Aug lows & tenkan cap at 104.97-5.20

  • A break and close below 104 should target props by 102 & 101.18 2020 low

    For more click on FXBUZ

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Source:
Refinitiv IFR Research/Market Commentary

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