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Aug 03 - 03:55 AM

USD/JPY - "Bear Trap" Left Under The Daily Cloud Base Hurt Shorts

By Martin Miller  —  Aug 03 - 02:35 AM
  • Collapsed Tuesday to trade below daily cloud for the 1st time since Feb

  • It subsequently reversed higher, setting up a "bear trap" = usually bullish

  • The daily cloud currently spans the 131.69-133.18 region

  • Bear trap: set when a market breaks below a tech level but then reverses

  • Scope for more gains to 134.89 Fibo, a 50% retrace of the 139.38-130.40 drop

  • EUR/JPY sees a 134.85-136.00 range on Wed so far, according to EBS data

  • USD/JPY Trader TGM2336. Previous USD/JPY update nL1N2ZE0CM

Source:
Refinitiv IFR Research/Market Commentary

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