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Sep 01 - 05:55 AM

USD/JPY's Potential Bull Trap Hints At A Bigger Relapse

By Martin Miller  —  Sep 01 - 03:35 AM
  • Last Friday USD/JPY managed to register a weekly close above the 146.11 Fibo

  • 146.11 Fibo is a 76.4% retrace of the 151.94-127.22 (2022-2023) EBS fall

  • But it is now on course to close back below the 146.11 Fibo this Friday

  • That would be a bull trap that would increase the scope for a bigger setback

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

  • USD/JPY Trader TGM2336. Previous update nL1N3AC0I2

Refinitiv IFR Research/Market Commentary


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