By Martin Miller — Jan 24 - 03:04 AM
• USD/JPY has broken under the 154.97 Fibo, on Tuesday and again Friday
• 154.97 Fibo is a 38.2% retrace of the 148.65 to 158.88 (Dec to Jan) EBS rise
• Spot could not hold the break on Tuesday, which is likely a bear trap
• If spot does not close under 154.97 Fibo, that would likely see big gains
• A "bear trap" is set when a market cannot hold under a broken level
• Bid now at 155.20. USD/JPY Trader
Daily Chart:
(Martin Miller is a Reuters market analyst. The views expressed are his own)
Source:
London Stock Exchange Group | Thomson Reuters