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Jul 22 - 05:55 AM

USD/JPY - Setback, Another Close Under Fibo Will Hurt Bulls Badly

By Martin Miller  —  Jul 22 - 03:35 AM
  • Bulls suffer a setback, puts further gains to Sept 1998 139.95 high in doubt

  • Thursday's daily close under 137.52 Fibo, has weaken the outlook

  • Another close under the 137.52 level would likely lead to a much bigger drop

  • 137.52 Fibo is a 23.6% retrace of 131.49-139.38 rise

  • Positive alignment of the tenkan and kijun lines give bulls hope, however

  • EUR/JPY sees a 139.75-140.69 Friday range so far, according to EBS data

  • USD/JPY Trader TGM2336. Previous USD/JPY update nL1N2Z20CP

Source:
Refinitiv IFR Research/Market Commentary

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