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Aug 04 - 05:55 AM

USD/JPY - "Bear Trap" Puts The Focus On Key Fibo Supply Above

By Martin Miller  —  Aug 04 - 04:25 AM
  • Collapse Tuesday traded below the daily cloud for the 1st time since Feb

  • It subsequently reversed higher, setting up a "bear trap" = usually bullish

  • The daily cloud currently spans the 131.69-133.18 region

  • Bear trap: set when a market breaks below a tech level but then reverses

  • Scope for more gains to 134.89 Fibo, a 50% retrace of the 139.38-130.40 drop

  • EUR/JPY sees a 135.69-136.64 range on Thursday so far, according to EBS data

  • USD/JPY Trader TGM2336. Previous USD/JPY update nL1N2ZF0C3

Source:
Refinitiv IFR Research/Market Commentary

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