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Aug 05 - 04:55 AM

USD/JPY - Chart Points To A Deeper Setback

By Martin Miller  —  Aug 05 - 02:40 AM
  • Expect a bear resumption back towards Fri's 104.20 low after upside failure

  • 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

  • Bulls need a daily close above kijun line at 106.18. Prev nL1N2F6067

  • USD/JPY Trader TGM2336. nL1N2F408P. It's Aug USD/JPY shorts nL1N2F409E

  • EUR/USD bulls find their feet, chart remains positive nL1N2F706Q

Daily Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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