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May 09 - 02:55 AM

USD/JPY - Chart Points To A Likely Surge To New Multi-Year Highs

By Martin Miller  —  May 09 - 02:25 AM
  • USD/JPY this week found solid support just ahead of the 128.60 Fibo

  • 128.60 Fibo is a 61.8% retrace of the 126.97-131.25 (EBS) rise

  • The expectation is for a spot to soar above the 2022 131.25 peak

  • That would see the market hit new highs not seen since 2002

  • Tenkan and kijun lines are positive aligned, reinforcing the bullish market

  • We are long at 129.35, obj raised to 131.95, trailing stop is at 130.45

  • EUR/JPY sees a 137.51-82 Monday range so far, according to EBS data

  • USD/JPY Trader TGM2336 Previous update nL2N2WY0C5

Daily Chart Click here

Source:
Refinitiv IFR Research/Market Commentary

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