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Jun 08 - 03:55 AM

USD/JPY - Close Under The Kijun Line Adds To The Negative Outlook

By Martin Miller  —  Jun 08 - 02:03 AM
  • Last Thursday USD/JPY closed above 110.15 Fibo but then left a "bull trap"

  • 110.15 is a 76.4% retrace of the 110.97 to 107.48 (March to April) drop

  • Bull trap is set when a market breaks above a tech level but then reverses

  • A bearish engulfing pattern has formed last Thursday, Friday also negative

  • A smaller, white-bodied candle followed by a larger black one

  • Latest daily close under kijun line at 109.33 weakens further

  • USD/JPY Trader TGM2336. EUR/JPY sees 133.15-35 range Tuesday so far

Daily Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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