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Aug 04 - 04:55 PM

USD/JPY's Correction Of 5-Day Surge Clings To Initial Props

By Randolph Donney  —  Aug 04 - 03:15 PM
  • USD/JPY's 5-day, 138.05-143.89 surge on EBS is being retraced

  • Fri's slide probed 38.2% of the rise at 141.66 by the 200-HMA before basing

  • But a second big black candle leaves prices well below the daily cloud top

  • If 141.66 is closed below, the 50%/tenkan at 140.97 is eyed next

  • Hourly tenkan and kijun at 142.225 are initial hurdles

  • Fri's high and the hourly cloud top at 142.90/98 now are next

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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