• There are conflicting signals on the daily chart, the outlook is mixed

• Spot broke but failed under 151.06 Fibo, setting up a possible bear trap

• Bear trap set when a market breaks below a tech level but reverses: bullish

• 151.06 Fibo is a 76.4% retrace of the 148.65-158.88 (Dec-Jan) EBS rise

• However 14-day momentum remains negative, highlighting the downside risk

• USD/JPY Trader . Previous update

Daily Chart:

(Martin Miller is a Reuters market analyst. The views expressed are his own)