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Jan 31 - 02:36 AM

USD/JPY's Candle Hammer, Triple "bear Trap", Are Bullish Signs

By Martin Miller  —  Jan 31 - 01:50 AM
  • USD/JPY left a hammer on Thursday's candlestick line = bullish

  • Hammer: candle with a small real body near the top and a long lower shadow

  • It usually warns that a downtrend is over. 108.58 was Thursday's (EBS) low

  • 3 days this week have seen false breaks under cloud that spans 108.81-109.26

  • These false breaks are bear traps and could fuel near-term short squeeze

  • Long at 108.90 for gains above 109.24 Fibo, a 38.2% of 110.30-108.58 drop

  • EUR/JPY sees 120.08-120.40. Prev nL1N29Z05P. USD/JPY Trader TGM2336

Daily Ichimoku Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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