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USD/JPY filling the sharp advances -TDS

FXStreet (Guatemala) - Analysts at TD Securities explained that while USD/JPY’s gains last week look positive from a longer-term perspective, there are signals that this is no one-way street.

Key Quotes:

“Friday’s stall a little above 104 (via a big “doji” candle) and today’s net losses so far from the Asian opening suggest the USD may be in for some short-term, at least, back and filling of the sharp gains seen from the mid 101 area since early August”.

“Short-term chart patterns are a bit more obviously negative, suggesting that the market has formed a minor peak at least at 104.25 (via an ’evening star” bear reversal on the 6-hour chart)”.

“We may see a retest of the 103 area before USDJPY can resume its move higher”.

USD/JPY suddenly spikes back below 104 handle

USD/JPY is trading at 103.88, having posted a daily high at 104.13 and low at 103.86.
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