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Dec 08 - 03:55 AM

USD/JPY's Upside Limited By Major Fibo Supply

By Martin Miller  —  Dec 08 - 02:45 AM
  • USD/JPY recently left a "bear trap" under 135.48 Fibo, upside risk increases

  • 135.48 Fibo is a 76.4% retrace of the 130.40-151.94 (Aug-Oct) EBS rise

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

  • We are short at 136.99, while our stop is above the 137.94 Fibo

  • 137.94 Fibo, a 23.6% retrace of the 151.94 to 133.62 (EBS) drop, weighs

  • USD/JPY Trader TGM2336. Previous nL1N32X0HX

  • EUR/JPY range has been 143.28-144.04 on Thursday, according to EBS prices

Source:
Refinitiv IFR Research/Market Commentary

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