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Feb 03 - 05:00 AM

USD/JPY's Big Drop Dramatically Stopped By A Key Fibo

By Martin Miller  —  Feb 03 - 03:10 AM
  • USD/JPY registered the biggest daily drop since October 2019 on Friday

  • It closed down 68 pips on Friday according to prices on the EBS

  • Prices were stopped by 108.28 Fibo, 76.4% of 107.65 to 110.30 Jan (EBS) rise

  • Recovery will likely to halted by cloud that spans 108.81-109.16 region

  • Break and daily close above cloud top at 109.16 will signal weakness is over

  • EUR/JPY sees 120.13-120.40. Prev nL1N2A004Y. USD/JPY Trader TGM2336

Daily Ichimoku Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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