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Dec 16 - 04:55 AM

USD/JPY's Double Failure Above A Broken Fibo Should See A Slump

By Martin Miller  —  Dec 16 - 02:35 AM
  • Twice failed to register a daily close above broken 137.94 Fibo: bull trap

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

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

  • There is a huge risk that USD/JPY will slump to the December 133.62 low

  • USD/JPY Trader TGM2336. Previous nL1N3350FI

  • EUR/JPY range has been 146.01-52, on Friday, according to EBS prices

Source:
Refinitiv IFR Research/Market Commentary

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