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Sep 20 - 04:55 AM

USD/JPY - Will Likely Be Capped By Daily Cloud Resistance

By Martin Miller  —  Sep 20 - 02:42 AM
  • Near-term USD/JPY recovery attempts will likely be capped by the daily cloud

  • USD/JPY recently left multiple bull traps above the daily cloud

  • Daily cloud currently spans the 109.76-110.19 region

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

  • Cloud should continue to weigh, keep the overall bias is on the downside

  • Beware we are stuck in a relatively narrow multi-week 108.73-110.80 range

  • USD/JPY Trader TGM2336. EUR/JPY EBS range has been 128.64-129.03

Daily Chart: Click here

Refinitiv IFR Research/Market Commentary


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