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Jan 24 - 04:55 AM

USD/JPY - Chart Shows A 'Bear Trap' Likely Underpins The Market

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

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