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Mar 01 - 03:55 AM

USD/JPY's Long Tail Candle Shows A Rejection Of The Downside

By Martin Miller  —  Mar 01 - 03:00 AM
  • USD/JPY has scope for bigger gains to test 2023/2022 151.92/94 peaks

  • The long tail on Thursday's candle points to a rejection of the downside

  • Thursday's slump found support at 149.21, ahead of the broken 149.17 Fibo

  • 149.17 Fibo is a 76.4% retrace of the (Nov-Dec) 151.92-140.27 (EBS) drop

  • USD/JPY traded above the 149.17 Fibo for sixteen sessions in a row = bullish

  • EUR/JPY has seen a 162.15-162.75 range, on Friday, EBS data shows

  • USD/JPY Trader TGM2336. Previous update nL2N3FE0RZ

Source:
Refinitiv IFR Research/Market Commentary

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