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DPRK Test-Fires Another Alleged Ballistic Missile

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  • CZKJPY has been retracing higher this week after finding support slightly above 4.9570, which corresponds to the 38.2% Fibo retracement of the 4.4360 – 5.2790 range.
  • The rise in uncertainty over the economic outlook has been weighing on the koruna this month (relative to the ‘safe’ haven Yen); CZKJPY broke below its 200DMA two weeks ago, which had acted as a strong support line in the latest bull market.
  • ST resistance to watch on the topside stands at 5.08 (23.6% Fibo), followed by 5.0980 (200DMA).
  • On the downside, next support to watch below 4.9570 stands at 4.8580 (50% retracement).

Source: Bloomberg/MNI