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Jul 08 - 05:55 AM

USD/JPY - Chart Is Increasingly Bearish

By Martin Miller  —  Jul 08 - 04:20 AM
  • Dollar fragile against yen in these uncertain times nL1N2EE2JJ

  • USD/JPY's recent bull trap above the 107.97 Fibo keeps bias in the downside

  • 107.97 Fibo is a 50% retrace of the 109.85 to 106.08 June (EBS) drop

  • That led to a break/close under daily cloud, that spans 107.75-108.85 region

  • Interim supply noted at the kijun line at 107.96 should cap recovery moves

  • EUR/JPY has seen a 121.15-121.42 range, according to EBS prices

  • USD/JPY Trader TGM2336. Previous update nL1N2EE0C7

Daily Ichimoku Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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