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Jul 02 - 05:55 AM

USD/JPY - Bearish Engulfing, Bull Trap, Takes Pressure Off Shorts

By Martin Miller  —  Jul 02 - 04:00 AM
  • USD/JPY formed a bearish engulfing pattern on Tuesday and Wednesday

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

  • Headway through the thick cloud (107.30-108.85) seems to have been stymied

  • A bull trap above 107.97 Fibo -- 50% if 109.85-106.08 drop -- also weighs

  • Bull trap: break above a key level followed by a quick reversal

  • EUR/JPY has seen a 120.79-121.27 range, according to EBS prices

  • USD/JPY Trader TGM2336. Previous update nL1N2E80B2. Short nL1N2E80CB

Daily Ichimoku Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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