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Jan 12 - 06:55 AM

USD/JPY - Chart Shows A New Top Could Well Have Formed

By Martin Miller  —  Jan 12 - 04:45 AM
  • There is a good chance that a new top could well have formed in USD/JPY

  • Spot looks set for relapse to the 144.06 Fibo in coming sessions

  • 144.06 Fibo is a 38.2% retrace of the 140.27 to 146.41 (EBS) rise

  • January gains have been stymied by the thickening daily cloud

  • Daily cloud currently spans the 145.99-146.76 region

  • A break above January 146.41 would relieve the downward pressure

  • USD/JPY Trader TGM2336. Previous update nL1N3E10P7

Source:
Refinitiv IFR Research/Market Commentary

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