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Apr 04 - 04:55 PM

USD/JPY's Uptrend Passes Pullback Test, 123.20 Is Pivotal For 2022 Peak Retest

By Randolph Donney  —  Apr 04 - 03:45 PM

  • Last week's 125.105-121.28 correction bottomed by key Fibo supports

  • Since segued into a rise toward Wed's 123.20 high by 50% of last week's drop

  • A 123.20+ close could target 2022's 125.105 EBS trend high

  • Would suggest last week's correction of O/B daily studies sufficed

  • Bigger target is 2015's 125.86 peak, the highest price since 2002

  • Prices traded entirely above the 10-DMA on Monday, now at 122.21

  • And there's been no closes below it since March 1

  • Uptrend is intact while closes remain above that MA

  • Weekly RSI still highly O/B at 82 by Oct and Apr 2021 peaks

For more click on FXBUZ


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Source:
Refinitiv IFR Research/Market Commentary

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