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Dec 08 - 05:55 AM

USD/JPY's Upside Limited, The Next Move Will Likely Be Down

By Martin Miller  —  Dec 08 - 04:20 AM
  • USD/JPY has risen from 136.26 to 137.25, on Thursday, before falling back

  • Spot's upside limited by major 137.94 Fibo supply this week nL1N32Y0F5

  • 137.94 Fibo is a 23.6% retrace of the 151.94 to 133.62 Oct to Dec (EBS) drop

  • However, euro has a strong bias to rise against yen in December nL1N32V0KP

  • Japan upgrades Q3 GDP as global recession, COVID risks linger nL1N32X0AX

  • Investors revive wagers on Bank of Japan policy change nL4N32W1A9

Source:
Refinitiv IFR Research/Market Commentary

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