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Nov 18 - 03:55 AM

USD/JPY's Close Under Key Fibo Should Lead To A Bigger Drop

By Martin Miller  —  Nov 18 - 02:35 AM
  • USD/JPY continues to weaken, closing under the 104.43 Fibonacci level

  • 104.43 Fibo, a 50% retrace of the 103.18 to 105.68 November (EBS) rise

  • That increases the odds of a deeper drop through the 103.77 Fibonacci level

  • 103.77 Fibonacci, a 76.4% retrace of the same November rise

  • Recovery attempts will likely be capped by kijun that comes in at 104.47

  • Trader TGM2336. EUR/JPY range has been 123.37-123.56 on the EBS

Daily Ichimoku Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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