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Jun 26 - 04:55 AM

USD/JPY - Leaves An Ominous "bull Trap" Above The Daily Cloud

By Martin Miller  —  Jun 26 - 02:40 AM
  • Bulls need to register a daily close above the thickening daily cloud

  • The daily cloud currently spans the 107.22-107.41 region

  • USD/JPY broke above the cloud Thurs, but bulls failed to force a close above

  • That increases the risk for a "bull trap" that could lead to a drop

  • Bull trap: market breaks above a key tech level but subsequently reverses

  • EUR/JPY has seen a 120.05-120.27 range, according to EBS prices

  • USD/JPY Trader TGM2336. Previous update nL1N2E207L

Daily Ichimoku Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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