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Nov 18 - 05:55 AM

USD/JPY - Bulls Should Beware Of Thick Daily Cloud Supply

By Martin Miller  —  Nov 18 - 03:40 AM
  • USD/JPY's recent slump failed to close under 138.63 Fibo, a bear trap

  • 138.63 Fibo is a 61.8 retrace of the 130.40-151.94 (Aug-Oct) EBS rise

  • Bear traps is set when a mkt dips below a tech level but quickly reverses

  • Scope for gains towards 143.12 Fibo - 38.2% of 151.94-137.67 (Oct-Nov) drop

  • Bulls beware of thick daily cloud supply that spans the 140.30-145.39 region

  • Looking to get short at 142.95. USD/JPY Trader TGM2336. Prev nL1N32D0J4

  • EUR/JPY range has been 144.94-145.53, on Friday, according to EBS prices

Source:
Refinitiv IFR Research/Market Commentary

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