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Jan 12 - 04:55 PM

USD/JPY - Rebounds Toward Breakdown Levels Are A Fade, 126.56 The Key Target

By Randolph Donney  —  Jan 12 - 03:25 PM

  • USD/JPY's plunge to new trend lows sets stage for a bigger drop

  • The 50% Fibo of the 2020-22 uptrend at 126.56 is the primary target

  • That by last May's major range low at 126.37 on EBS

  • Break of uptrend line across recent RSI lows points to new push lower

  • Would fade a rebound to 131.30 by Monday's 131.31 swing low

  • The 61.8% of this week's slide is also at 131.34

  • However, we may see the 126.56 Fibo target tested beforehand

  • Downtrend remains intact unless kijun and 30-DMA are closed above

For more click on FXBUZ


Source:
Refinitiv IFR Research/Market Commentary

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