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Mar 18 - 04:55 AM

USD/JPY - Bullish Cycle Looks Set To Break Above A Long-Term Fibo

By Martin Miller  —  Mar 18 - 03:40 AM
  • There has been an overshoot above the 118.60 2017 high this week

  • Fourteen-day momentum positive, highlighting the bullish market structure

  • Scope is for gains to test/break the long-term 119.52 Fibonacci level

  • 119.52 Fibo, 76.4% retrace of the 125.86 to 99.00 (2015 to 2016) drop

  • EUR/JPY sees a 131.47-91 range on Friday so far, according to EBS data

  • USD/JPY Trader TGM2336 Previous update nL2N2VK0J3

Daily Chart: Click here

Monthly Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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