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Feb 24 - 04:55 AM

USD/JPY - A USD/JPY Close Under Key Fibo Support Needed To See Collapse

By Martin Miller  —  Feb 24 - 02:41 AM
  • A USD/JPY "cloud twist" on March 4 well under 104.00 warns of more losses

  • Outlook was already negative after a "bull trap" above the 106.08 Fibo

  • However, bears need a daily close under the 104.84 Fibo to weaken further

  • 104.84 Fibo is 38.2% retrace of the 102.60 to 106.22 (Jan to Feb) rise

  • Our trailing stop at 105.55 on our 106.05 short as been hit

  • Looking to fade recovery moves ahead of Monday's 104.84 (EBS) high

  • USD/JPY Trader TGM2336. Previous update nL1N2KT0EF

Daily Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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