• 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)