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Sep 03 - 02:55 AM

USD/JPY - Bias Remains On The Downside While Under Daily Cloud

By Martin Miller  —  Sep 03 - 02:25 AM
  • USD/JPY has left multiple bull traps above the daily Ichimoku cloud

  • The wafer-thin daily cloud currently spans the 110.11-16 region

  • A bull trap is set when a market breaks above a level but quickly reverses

  • Upper shadow on Wed's candlestick line also keeps the bias on the downside

  • Scope is for eventual losses through the 109.12 August 16/17 matching lows

  • USD/JPY Trader TGM2336. EUR/JPY EBS range has been 130.47-74 Friday

Daily Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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