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Nov 17 - 05:55 AM

USD/JPY's Multiple "Bear Traps" Bullish, But Spot Under A Cloud

By Martin Miller  —  Nov 17 - 03:40 AM
  • Recent slump failed to close under 138.63 Fibo, Fri, Mon and Tues

  • 138.63 Fibo is a 61.8 retrace of the 130.40-151.94 (Aug-Oct) EBS rise

  • All bear traps, set when a mkt dips below a tech level but quickly reverses

  • Scope for gains towards 143.12 Fibo - 38.2% of 151.94-137.67 (Oct-Nov) drop

  • Bulls beware however as spot under the daily cloud that spans 139.70-144.79

  • Looking to get short at 142.95. USD/JPY Trader TGM2336. Prev nL1N32C0LB

  • EUR/JPY range has been 144.48-94, on Thursday, according to EBS prices

Source:
Refinitiv IFR Research/Market Commentary

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