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Aug 31 - 04:55 AM

USD/JPY - Remains Offered While Stuck Under The Thin Daily Cloud

By Martin Miller  —  Aug 31 - 02:40 AM
  • USD/JPY left a "bull trap" above the thin daily cloud, that spans 110.10-11

  • Failure above the daily cloud on Thursday and Friday weighs on the market

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

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

  • USD/JPY Trader TGM2336. EUR/JPY EBS range has been 129.65-94 on Tuesday

  • Dollar's biggest long in nearly 18 months wrong-footed nL1N2Q00LQ

Daily Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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