28 Oct 2013
Flash: USD/JPY continues to pressure key support - TD Securities
FXstreet.com (London) - Research teams at TD Securities explained that the USD/JPY continues to pressure key support points on the daily chart.
Key Quotes:
“Trend support off the February low at 97.04 and the 200-day MA at 97.35”.
“Intraday, price action suggests the USD is trying to base (minor bull “hammer”) but there has been a shift in this market’s trend dynamics over the past few weeks that suggests to us that a rebound may struggle to get any sort of traction at the moment”.
“We rather favour the downside here still and a push to test the August low just under 96 at least. Short-term, we think gains are likely to be limited to the upper 97 area”.
Key Quotes:
“Trend support off the February low at 97.04 and the 200-day MA at 97.35”.
“Intraday, price action suggests the USD is trying to base (minor bull “hammer”) but there has been a shift in this market’s trend dynamics over the past few weeks that suggests to us that a rebound may struggle to get any sort of traction at the moment”.
“We rather favour the downside here still and a push to test the August low just under 96 at least. Short-term, we think gains are likely to be limited to the upper 97 area”.