eFX Apex
The Institutional-Grade Data Hub
- Plus: Discretionary Trades
- Edge: Sentiment Trades
- Alpha: Systematic Trades
- Apex: Full Big Data Stream
Oct 05 - 06:55 AM
–
EUR/JPY In The Limelight, USD/JPY Steady After Recent Bear Trap
By Martin Miller — Oct 05 - 04:44 AM
• EUR/JPY is in the limelight due to broad euro weakness. EUR/USD at risk of a bigger slump
• USD/JPY has seen a 157.46-158.16 range, on Monday, according to EBS data
• Last week spot failed to sustain breaks below 156.68 Fibo, setting up a bear trap
• 156.68 Fibo is a 38.2% retracement of the 150.89 to 159.03 (September) EBS rise
• A bear trap is set when a market breaks below a tech level but then reverses: a bullish sign
• However, USD/JPY may have found a top ahead of 160 as
Japanese official rhetoric changes
Daily Chart
Daily Chart
(Martin Miller is a Reuters market analyst. The views expressed are his own)
Source:
London Stock Exchange Group | Thomson Reuters