• Last week's big USD/JPY slump broke but failed to close under 149.23 Fibo

• That is a potential "bear trap", which is usually a bullish sign

• 149.23 Fibo, a 50% retrace of the 139.58 to 158.88 (Sept to Jan) EBS rise

• However, this week spot has gone lower still

• A weekly close under the 149.23 Fibo, would increase scope for a bigger drop

• That would unmask 146.95 Fibo, 61.8% retrace of the same 139.58-158.88 gain

• USD/JPY Trader . Previous update

Weekly Chart:

(Martin Miller is a Reuters market analyst. The views expressed are his own)