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5 Oct 2013
Flash: The bigger picture; USD/JPY – TD Securities
FXstreet.com (London) - Research teams at TD Securities dissect the USD/JPY going forward.
Key Quotes:
“USD/JPY losses extended this week and while the USD sell-off has steadied just a little ahead of the 97 level, the weak “bigger picture” we have alluded to recently here remains intact”.
“Loss of short-term trend/cloud support sets major, short-term resistance at 97.60/80 now and we note that trend momentum signals are picking up negatively for the USD across a range of time frames here”.
“This is usually a situation that provides a high level of confidence in a move extending directionally and providing limited scope for pullbacks (upper 97s for USD/JPY now). Any rebound in the USD the develops from the two-day stabilization in the sell-off is unlikely to last in these circumstances”.
“The 200-day MA (96.65) is looking awfully close. We remain bearish. Look to sell modest rallies”.
Key Quotes:
“USD/JPY losses extended this week and while the USD sell-off has steadied just a little ahead of the 97 level, the weak “bigger picture” we have alluded to recently here remains intact”.
“Loss of short-term trend/cloud support sets major, short-term resistance at 97.60/80 now and we note that trend momentum signals are picking up negatively for the USD across a range of time frames here”.
“This is usually a situation that provides a high level of confidence in a move extending directionally and providing limited scope for pullbacks (upper 97s for USD/JPY now). Any rebound in the USD the develops from the two-day stabilization in the sell-off is unlikely to last in these circumstances”.
“The 200-day MA (96.65) is looking awfully close. We remain bearish. Look to sell modest rallies”.