• FX traders should prepare for a bigger recovery in coming sessions

• USD/JPY has failed to sustain the recent break below the 146.95 Fibo

• 146.95 Fibo, a 61.8% retrace of the 139.58 to 158.88 (Sept to Jan) EBS rise

• That increases the likelihood is a bear-trap, usually a bullish sign

• That is set when a market breaks below a tech level but quickly reverses

• However note the 14-week momentum reading is still negative

• USD/JPY Trader . Previous update

Weekly Chart:

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