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Mar 16 - 05:55 AM

USD/JPY - Chart Throws Up Conflicting Technical Signals

By Martin Miller  —  Mar 16 - 04:00 AM
  • USD/JPY failed to register a daily close under 132.56 Fibo on Mon and Wed

  • 132.56 Fibo, a 50% retrace of the 127.22 to 137.90 (Jan to March) rise

  • Possible "bear trap", set when a mkt breaks below a level but then reverses

  • However 14-day momentum remains negative, reinforcing the bearish bias

  • We remain short at 133.95 for losses to our 131.05 target

  • Our stop is above kijun line, 133.85, midpoint on the last 26 trading days

  • USD/JPY Trader TGM2336. Previous update nL1N35N0LO

  • EUR/JPY range has been 140.26-141.44, on Thursday, so far on the EBS

Source:
Refinitiv IFR Research/Market Commentary

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