A "bull trap" has been left above the 134.75 Fibo, a bearish sign

134.75 Fibo is a 61.8% retrace of the 137.90 to 129.65 (EBS) drop

A bull trap is set when a market breaks above a tech level but then reverses

The thinning daily cloud currently spans the 132.56-134.08 region

There is scope for losses to the base of the daily cloud in the days ahead

The "cloud twist" circa 132.73-74, on May 3, will likely exert magnetism

USD/JPY Trader TGM2336. Previous update nL1N36R0NN

EUR/JPY has seen a 147.80-148.63 range on Tuesday, EBS data shows