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May 13 - 05:55 PM

USD/JPY - Got Overdue Uptrend Correction, Close Above 130.05 The Next Step

By Randolph Donney  —  May 13 - 03:35 PM

  • USD/JPY's overbought uptrend from March finally corrected this week

  • Thur's drop toward kijun got RSIs midrange vs highest since 2001 in March

  • Rebound's probed the daily tenkan at 129.44, but capped at Wed's 129.455 low

  • Weekly on-close sell signal below 128.62 has been averted

  • Dip-buying bias while above late April low near 127 and 23.6% Fibo at 126.90

  • Close above Thur's 130.05 high would favor a retest of the 131.35 May peak

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Source:
Refinitiv IFR Research/Market Commentary

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