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Mar 06 - 03:55 AM

USD/JPY's Recent 'Bull Trap' Could Lead To A Bigger Setback

By Martin Miller  —  Mar 06 - 02:15 AM
  • USD/JPY's "bull trap" above the 136.66 Fibo adds to the downside risk

  • 136.66 Fibo is a 38.2% retrace of the 151.94 to 127.22 (Oct to Jan) EBS drop

  • A bull trap is set when a market breaks above a tech level but then reverses

  • It is usually a bearish sign, expect a setback to the daily cloud eventually

  • The daily cloud currently spans the 130.29-134.73 region

  • USD/JPY Trader TGM2336. Previous update nL1N35A36T

  • EUR/JPY range has been 144.12-57, on Monday, so far on the EBS

Refinitiv IFR Research/Market Commentary


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