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Dec 31 - 04:55 AM

USD/JPY's Price Action At Year-End Could Well Be Ominous

By Martin Miller  —  Dec 31 - 03:45 AM

• Year-end yen strength extends on the Japan holiday

• USD/JPY has slumped from 157.06 to 156.06, on Tuesday, EBS data show

• Spot is back below the broken 156.68 Fibo, after a number of days above

• 156.68 Fibo is a 76.4% retrace of the 161.96 to 139.58 drop

• If spot closes back below 156.68 Fibo, that would a "bull trap" and bearish

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

• The 30 and 60-day correlations between USD/JPY and EUR/JPY are high

Daily Chart:


Correlation Chart:


(Martin Miller is a Reuters market analyst. The views expressed are his own)

Source:
London Stock Exchange Group | Thomson Reuters

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