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Nov 27 - 01:55 PM

USD/JPY's "bull Trap" Keeps Bears In Control

By Martin Miller  —  Nov 27 - 12:30 PM
  • FX traders keep a lid on USD/JPY risking its demise nL1N2IC0NN

  • Bull trap: Tuesday saw break of 104.67 Fibo, but it failed to close above

  • 104.67 Fibo is a 50% retrace 105.68 to 103.66 November setback

  • That increases the odds for a deeper drop to Nov's 103.18 low

  • The tenkan and kijun lines are negative aligned, bearish outlook

  • Downside risk will be lifted only with a close above the 104.67 Fibo

  • Trader TGM2336. EUR/JPY range has been 123.91-124.42 on the EBS

Daily Ichimoku Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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