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Thomson Reuters
May 16 - 06:12 AM
USD/JPY - Bears Really Need To Register A Close Below Key Fibo
First appeared on eFXplus on May 16 - 02:55 AM
  • USD/JPY's "bear trap" below major 109.23 Fibo increases odds of a recovery
  • 109.23 Fibo is a 38.2% retrace of the 104.10 to 112.40 2019 rise
  • Bears forced a break below the 109.23 Fibo on Monday, Tuesday and Wednesday
  • But they failed to close below, meaning bear are trapped
  • Bears need to register a daily close below 109.23 Fibo to weaken the outlook
  • EUR/JPY range has been 122.54-80. Previous USD/JPY update

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