USD/JPY in April overcame a 152.60 Fibonacci level-EBS

A 38.2% retrace of the major 277.65 to 75.31 (1982 to 2011) drop

A very bullish sign, backed by continued positive fourteen-week momentum

Scope for much bigger gains beyond last week's 160.24 new multi-year high

A weekly close under 152.60 Fibo level would signal a shift to the downside

We are long 155.25 for 165.00 with a 149.95 stop

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