• USD/JPY has broken 151.06 Fibo, a daily close below would expose 150

• 151.06 Fibo is a 76.4% retrace of the 148.65-158.88 (Dec-Jan) EBS rise

• 14-day momentum remains negative, highlighting the underlying downside risk

• A failure to close below the 151.06 Fibo would be a sign of a bear-trap

• A bear trap is set when a market breaks below a tech level but then reverses

• USD/JPY Trader . Previous update

Daily Chart:

(Martin Miller is a Reuters market analyst. The views expressed are his own)