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Aug 05 - 04:55 AM

USD/JPY - Bulls Really Need A Close Above A Broken Fibo

By Martin Miller  —  Aug 05 - 02:45 AM
  • Bulls need a close above 133.83 Fibo, 38.2% of 139.38-130.40 (EBS) drop

  • USD/JPY dropped to trade below the cloud for 1st time since Feb on Tuesday

  • It then reversed higher setting up a "bear trap", that is usually bullish

  • Bear trap: a market breaks below a tech level but then subsequently reverses

  • Daily cloud, now spans the 131.69-133.74 region

  • EUR/JPY sees a 135.85-136.55 range on Friday so far, according to EBS data

  • USD/JPY Trader TGM2336. Previous USD/JPY update nL1N2ZG0HB

Source:
Refinitiv IFR Research/Market Commentary

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