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Nov 13 - 02:55 AM

USD/JPY - On Verge Of A Collapse After Double Failure Above Cloud

By Martin Miller  —  Nov 13 - 01:45 AM
  • Bulls trapped above daily cloud, which spans 105.39-53, twice this week

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

  • The "bull trap" has weakened the underlying market structure

  • There is the scope for a bearish resumption towards November 6 103.18 low

  • Our offer has been lowered to 105.38, just under the daily cloud base

  • Trader TGM2336. EUR/JPY range has been 123.80-124.09 on the EBS

Daily Ichimoku Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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