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Aug 04 - 04:55 AM

USD/JPY - "bull Trap" Keeps The Risk On The Downside

By Martin Miller  —  Aug 04 - 02:35 AM
  • Bull trap above 106.36 Fibo, 38.2% of 109.85 to 104.20 drop, a bearish sign

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

  • USD/JPY bias remains on the downside, despite the recent big recovery

  • Expect a bearish resumption back towards Friday's 104.20 low

  • Bulls need a daily close above kijun line at 106.18. Prev nL1N2F505Q

  • USD/JPY Trader TGM2336. Verbal intervention not enough nL1N2F408P

  • EUR/USD chart positive after bulls get over Fibo failure nL1N2F605Q

Daily Ichimoku Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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