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May 12 - 04:55 PM

USD/JPY - Threatens May's High, Value Seen By Up Trendline From January

By Randolph Donney  —  May 12 - 03:28 PM
  • USD/JPY retraces of almost all of last week's dive, May's 109.69 high nearby

  • Above 109.69 and below 2021's 110.97 peak are 110 and April 6's 110.55 high

  • That session's 110.55 high matches an ABC target off the April and May lows

  • While below May's highs, the up TL from January @108.67 Thur offers support

  • Repeated failures to close below it make it a decent value buy

  • Particularly using a stop below May's 108.34 low and 110+ targets

For more click on FXBUZ


Chart Click here

Source:
Refinitiv IFR Research/Market Commentary

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