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Sep 01 - 05:55 AM

USD/JPY's Big Drop And Thick Cloud Above Weighs

By Martin Miller  —  Sep 01 - 03:45 AM
  • Friday saw the biggest one-day drop since June 8, 120 pips according to EBS

  • That large fall is reinforcing the overall bearish market structure

  • Risk is for a continued bear cycle through July's 104.20 low and 103.67 Fibo

  • 103.67 Fibo is a 76.4% retracement of the 101.18 to 111.71 March rise

  • Daily cloud base, now at 106.41, should limit near-term recovery attempts

  • EUR/JPY Tues range is 126.32-126.83 on EBS. USD/JPY Trader TGM2336

  • An EUR/USD break above 1.2000 would unmask major upside Fibo nL1N2FY06I

Daily Ichimoku Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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