• USD/JPY needs to register a weekly close below the broken 146.95 Fibo

• 146.95 Fibo is 61.8% of the 139.58 to 158.88 (Sept to Jan) EBS rise

• That would weaken the market structure even further

• 14-week momentum is negative, highlighting the underlying bearish market

• A failure to see a weekly close under 146.95 Fibo would be a "bear trap"

• A bear trap is set when a market breaks below a tech level but then reverses

• USD/JPY Trader . Previous update

Weekly Chart:

(Martin Miller is a Reuters market analyst. The views expressed are his own)