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May 03 - 03:55 AM

USD/JPY - Bulls Need Another End Of Week Close Above A Major Fibo

By Martin Miller  —  May 03 - 02:10 AM
  • USD/JPY has scope for a break above Monday's 160.24 new multi-year high

  • Medium-term outlook bullish since spot overcame major 152.60 Fibo in April

  • 152.60 Fibo, a 38.2% retrace of major 277.65 to 75.31 (1982 to 2011) drop

  • Those that are bullish need another weekly close above 152.60 Fibo

  • Recall spot managed to register three weekly closes in a row above 152.60

  • We remain long at 155.25 for 165.00, meanwhile our stop is just below 150.00

  • EUR/JPY 164.02-164.46 EBS range on Friday. USD/JPY Trader TGM2336

Source:
Refinitiv IFR Research/Market Commentary

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