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May 04 - 05:55 AM

USD/JPY's Downside Protected By Thickening And Rising Cloud

By Martin Miller  —  May 04 - 03:37 AM
  • USD/JPY failed to close above the 109.64 Fibo after it broke above it on Mon

  • 109.64 Fibo is a 61.8% of the 110.97 to 107.48 (March to April) EBS drop

  • That has caused a bull trap that creates considerable downside risk

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

  • However thickening, rising cloud, that spans 106.88-108.54, should prop

  • USD/JPY Trader TGM2336. Previous update nL1N2MP0HB

  • EUR/JPY has seen a 131.51-64 range on Tuesday according to EBS prices

Daily Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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