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Dec 02 - 04:55 AM

USD/JPY's Bear Trap And Solid Cloud Support, Point To Gains

By Martin Miller  —  Dec 02 - 02:45 AM
  • USD/JPY scope for gains to the converged tenkan and kijun lines at 114.03

  • A possible bear trap has been set below the 112.93 Fibo

  • 112.93 Fibo is a 38.2% retrace of 108.73 to 115.52 (August to November) gain

  • Bear trap: a market breaks below a technical level but subsequently reverses

  • Thickening daily cloud, that spans 111.90-113.10 region, limits downside

  • Previous USD/JPY update nL1N2SM0IR. USD/JPY Trader TGM2336

  • EUR/JPY has seen a 127.71-128.20 range, according to EBS price data

Daily Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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