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Oct 14 - 01:55 PM

USD/JPY - Shorts Can Now Run Risk-Free, 104.95 October Low Eyed Next

By Randolph Donney  —  Oct 14 - 11:50 AM
  • USD/JPY shorts taken in Tuesday's weak bounce now look well placed

  • Bears can keep stops above the 30-DMA and Tuesday's high at 105.57/625

  • Today's slide has probed the 50% Fibo of Sep-Oct rebound at 105.055

  • The Oct. 2 104.95 intra-month low on EBS is the next prop

  • Prices are below the tenkan & kijun after last week's cloud rejection

  • And October's 106.11 high was rejected by the downtrend line from July

  • 50% and 61.8% Fibos of 104.00-6.11 at 105.05/4.80 eyed on closing bases

  • But the don't align with recent highs or lows, so are less supportive

  • July and September bottoms at 104.10/00 are major supports

    For more click on FXBUZ

Chart Click here

Source:
Refinitiv IFR Research/Market Commentary

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