22 Jul 2014
USD/JPY to put 100.80 under more pressure - TDS
FXStreet (Bali) - According to TD Securities Toronto FX Research Team, USD/JPY should remain capped to the mid/upper 101 area and for the market to put major support at 100.80 under more pressure.
Key Quotes
"Negative technical pressure continues to build on USDJPY. Spot has eased below the 200-day MA and below the base of the daily ichimoku support zone through July trading. The bearish breakdown on the cloud chart is “confirmed” by the tankan span’s move below the cloud base over the past week."
"Trend momentum is bearish on the shorter-term studies and picking up (albeit at very weak levels still) on the medium-term studies. We look for USD gains to remain capped to the mid/upper 101 area (note the cloud chart base and the 200-day MA converge now at 102) and for the market to put major support at 100.80 under more pressure."
Key Quotes
"Negative technical pressure continues to build on USDJPY. Spot has eased below the 200-day MA and below the base of the daily ichimoku support zone through July trading. The bearish breakdown on the cloud chart is “confirmed” by the tankan span’s move below the cloud base over the past week."
"Trend momentum is bearish on the shorter-term studies and picking up (albeit at very weak levels still) on the medium-term studies. We look for USD gains to remain capped to the mid/upper 101 area (note the cloud chart base and the 200-day MA converge now at 102) and for the market to put major support at 100.80 under more pressure."