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Jan 08 - 04:55 PM

USD/JPY's Primary Downtrend Resumes After Upward Correction

By Randolph Donney  —  Jan 08 - 02:35 PM
  • USD/JPY retreated further from Fri's 145.98 peak at key hurdles

  • Fri's high was by 50% Fibo of the 151.92-150.27 dive

  • Also the Dec. 13 breakdown day's 146 high

  • Mon's 143.67 low pierced Fri's 143.80 low and 38.2% of 140.27-5.98 there

  • A close below there needed to target 50% and tenkan at 143.12

  • The 100-HMA offering some support, but hourly Ichi setup is bearish

  • Mon's 144.90 high is by the weekly on-close pivot point at 144.95

  • Primary trend post-2022/23's 32-yr high double-top remains down

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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