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Dec 30 - 06:55 AM

USD/JPY's Big Drop Finds Support Ahead Of A Key Fibo On Friday

By Martin Miller  —  Dec 30 - 05:20 AM
  • Dollar looks set for a negative start to 2023 nL1N33K0EX

  • USD/JPY peaked at 134.50 on Wednesday, then saw a big setback on Thursday

  • Friday sees a drop under 132.08 Fibo, but finds support ahead of 131.51 Fibo

  • 131.51/132.08 Fibos are 76.4%/61.8% retrace of the 130.58-134.50 (EBS) rise

  • It dropped from 133.09 to 131.57 this session, according to the EBS data

  • 14-day momentum remains negative, reinforcing the underlying bearish outlook

  • EUR/JPY's correlation with USD/JPY high, 30/60-day logs are well above +0.5

Source:
Refinitiv IFR Research/Market Commentary

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