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Feb 19 - 04:55 PM

USD/JPY - Fade Trade Stops Can Be Moved Into Profit After Today's Drop

By Randolph Donney  —  Feb 19 - 03:23 PM
  • USD/JPY shorts on failed close past 106.08 Fibo are making good progress

  • Can bring stops into profit above Fri's high, Wed's low at 105.78/75 on EBS

  • Big rebound from 105.24 10-DMA today, but may not close back above 200-DMA

  • If 10-DMA gives way, 38.2% of Jan-Feb rise, 76.4% of Feb's rise is at 104.84

  • Rising 21-DMA bares watching along the way, last at 104.88

  • The daily and weekly kijun lines at 104.78 reinforce pandemic drop reversal

  • Eventual close past 106.08% Fibo is expected, with 107.155 50% Fibo next

For more click on FXBUZ


Chart Click here

Source:
Refinitiv IFR Research/Market Commentary

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