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Nov 16 - 04:55 AM

USD/JPY - Looks Set To Drop Under A Key Fibo After Bull Traps

By Martin Miller  —  Nov 16 - 02:35 AM
  • Scope grows for 104.14 Fibo, a 61.8% retrace of the 103.18-105.68 rise

  • A bigger drop towards the November 6 103.18 low is likely

  • Bulls trapped above daily cloud, which spans 105.36-53, twice last week

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

  • Those "bull traps" have weakened the underlying market structure

  • Our offer has been lowered to 105.30, just under the daily cloud base

  • Trader TGM2336. EUR/JPY range has been 123.80-123.98 on the EBS

  • EUR/USD chart points to initial gains to November's peak nL1N2I20DN

Daily Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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