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Jul 15 - 07:55 AM

USD/JPY - "bull Trap" Puts The Focus On Daily Cloud Support

By Martin Miller  —  Jul 15 - 05:37 AM
  • USD/JPY chart has turn quite bearish due to recent price action

  • Saw a close above the tenkan and kijun lines now at 110.36 and 110.48

  • Then a subsequent big relapse back below , setting up a "bull trap"

  • A bull trap is set when a mkt breaks above a level but then reverses

  • Scope is for a drop to the daily cloud that now spans the 109.23-55 region

  • EUR/JPY sees 129.87-130.20 on EBS. USD/JPY Trader TGM2336nL1N2OQ0FX

Daily Chart: Click here

Refinitiv IFR Research/Market Commentary


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