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Sep 12 - 05:55 AM

USD/JPY - Weekly Chart Shows Bulls Are Still In Control

By Martin Miller  —  Sep 12 - 03:40 AM
  • USD/JPY weekly chart remains very bullish, big gains still quite likely

  • Spot managed to register three weekly closes in a row above the 146.11 Fibo

  • 146.11 Fibo, a 76.4% retrace of the 151.94 to 127.22 (2022 to 2023) EBS fall

  • That keeps the overall bias on the October 31 2022 148.84 EBS high

  • 14-week momentum remains positive, reinforcing the overall bull structure

  • Weekly close back sub 146.11 Fibo would signal a bull trap

  • USD/JPY Trader TGM2336. Previous update nL1N3AN0BO

Source:
Refinitiv IFR Research/Market Commentary

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