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May 03 - 04:55 AM

USD/JPY - 'Cloud Twist' Means The Downside Is Quite Vulnerable

By Martin Miller  —  May 03 - 03:00 AM
  • USD/JPY falters ahead of March 137.90 high, it peaked at 137.78 on Tuesday

  • Spot has found support near the 135.86 Fibo, keeps the bias on the upside

  • 135.86 Fibo is a 23.6% retrace of the 129.65 to 137.78 (EBS) rise

  • However bulls should beware of the "cloud twist" circa 132.73-74, on Wed

  • On the day of a cloud twist it usually exerts magnetism

  • USD/JPY Trader TGM2336. Previous update nL1N36Z0E2

  • EUR/JPY has seen a 149.83-150.38 range on Wednesday, EBS data shows

Source:
Refinitiv IFR Research/Market Commentary

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