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Aug 18 - 07:55 AM

USD/JPY - Bulls Could Well Have Walked Into A Big Trap

By Martin Miller  —  Aug 18 - 06:00 AM
  • Global equities fallout nL8N39Z1ON feeds demand for the Japanese yen

  • USD/JPY has stumbled from 145.85 to 145.17, on Friday, EBS data shows

  • Falls further away from the new 146.56 2023 peak, highest since Nov 2022

  • Huge 145.00 strike to expire at NY cut could attract spot nL1N39Y2FN

  • Weekly chart hints at a top under one condition nL1N39Y2F4

  • A failure to end the week above the 146.11 Fibo would signal a bull trap

  • EUR/JPY's correlation with USD/JPY high, 30/60-day logs are both above +0.70

Source:
Refinitiv IFR Research/Market Commentary

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