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Thomson Reuters
May 14 - 05:00 AM
USD/JPY's "bear Trap" Under Fibo Could See An Upside Squeeze
First appeared on eFXplus on May 14 - 03:10 AM
  • USD/JPY's slump sees it break a major 109.23 Fibo, but failed to close below
  • 109.23 Fibo is a 38.2% retrace of the 104.10 to 112.40 2019 rise
  • That is a possible "bear trap": recent shorts could get squeezed higher
  • To overcome this, bears need a close below 109.23 the Fibo
  • That would weaken the underlying market and unmask the 108.25 Fibo (50%)
  • EUR/JPY range has been 122.59-123.29. Previous USD/JPY update

USD/JPY Trader:

Daily Ichimoku Chart: Click here

Source:
Thomson Reuters IFR Markets

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