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Sep 29 - 05:55 PM

USD/JPY - Bears Close To Technical Caps To Fade Cheaply By 106

By Randolph Donney  —  Sep 29 - 03:50 PM
  • USD/JPY's rebound from 104 nears key caps bears may use as a fade

  • Prices have been unable to close above the cloud, 55-DMA since mid-June

  • The 55-DMA and cloud base will be by 105.91 on Wednesday

  • And the 61.8% Fibo of the September-August fall is at 105.885 on EBS

  • The cloud top is flat at 106.18, so stops above it would be tight

  • The average true range projected top will also by the cloud top

  • If those hurdles hold, the tenkan, now at 104.87, would be in prospect

  • The 104.10/00 bullish divergence base warns against too aggressive targets

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Source:
Refinitiv IFR Research/Market Commentary

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