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May 05 - 04:55 AM

USD/JPY - Chart Sees Solid Support Build Under The Market

By Martin Miller  —  May 05 - 02:39 AM
  • USD/JPY failed to close above the 109.64 Fibo after it broke above it on Mon

  • 109.64 Fibo is a 61.8% of the 110.97 to 107.48 (March to April) EBS drop

  • That has caused a bull trap that creates considerable downside risk

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

  • However thickening, rising cloud, that spans 107.15-108.88, should prop

  • USD/JPY Trader TGM2336. Previous update nL1N2MR0C6

  • EUR/JPY has seen a 131.31-44 range on Wednesday according to EBS prices

Daily Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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