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Feb 12 - 05:55 AM

USD/JPY - Bulls Have Trapped Bears Under Key Broken Fibo Support

By Martin Miller  —  Feb 12 - 03:45 AM
  • USD/JPY bulls have fought back trapping bears under the broken 104.55 Fibo

  • 104.55 Fibo is a 38.2% retrace of the 102.60 to 105.76 (Jan to Feb) rise

  • A "bear trap" is set when a market breaks under a level but quickly reverses

  • Good chance we will get a recovery back to retest the 200-DMA, now at 105.55

  • EUR/JPY has seen a 127.01-127.22 EBS range on Friday

  • USD/JPY Trader TGM2336. We are still long at 104.85 for a recovery

  • USD/JPY bears need a close under broken Fibo to tighten grip nL1N2KH0KD

Daily Chart: Click here

Refinitiv IFR Research/Market Commentary


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