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Oct 20 - 03:55 AM

USD/JPY - Upside Limited Until There Is A Close Above Tenkan

By Martin Miller  —  Oct 20 - 01:55 AM
  • Bias remains on the downside for eventual losses to the major 103.67 Fibo

  • 103.67 Fibo is a 76.4% retrace of the 101.18 to 111.71 March (EBS) rise

  • Interim sign of weakness would be a daily close under the key 105.06 Fibo

  • 105.06 Fibo is a 50% retrace of the 104.00 to 106.11 (Sept to Oct) gain

  • A daily close back above the tenkan line at 105.58 would be bullish

  • EUR/JPY range on Monday has been 124.12-124.33, according to EBS prices

  • USD/JPY Trader TGM2336. Previous update nL1N2H908D

Daily Ichimoku Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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