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May 30 - 08:55 AM

USD/JPY - Bearish Breakout Risk But Cloud Could Limit The Drop

By Peter Stoneham  —  May 30 - 07:30 AM

  • Sideways action just above a key 50% Fibo at 126.32: 121.88-131.35

  • 14-day momentum remains heavily negative leaving risk of a downside break

  • A thickening and rising daily cloud might limit such a breakout

  • The cloud parameters are at 121.92 and 125.76

  • Levels topside to watch, 127.69 and 128.08, 10DMA-May 24 peak respectively

  • We lean bearish but await stronger signals before considering a trade

    For more click on FXBUZ








USD/JPY daily candle chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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