Level Technical Significance

146.75 Daily High May 15

146.14 Daily Cloud Base

146.08 Daily High May 16

145.75 Daily High May 19

144.27 ==Update Price==

143.45 Daily Low May 8

142.45 Daily Low May 7

142.36 Daily Low May 6

141.97 Daily Low Apr 29

Strategy Sell @ 146.05

Current Position Flat @ 154.30

Target: Stop:

Open/Close 03-Feb-25

A "bull trap" on the daily chart set when the market failed to sustain the recent break above 148.54 level, a 76.4% retrace of the 151.21 to 139.89 (March to April) EBS drop, weighs. Spot has broken the kijun line, at 144.27, the midpoint of the last twenty-six trading sessions, a daily close below would add significantly to the downside bias. Previous update

Daily Chart:

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