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28 Sep 2013
Flash: USD/JPY retains a soft bias – TD Securities
FXstreet.com (London) - Research teams at TD Securities round up the USD/JPY heading into a bust week next week.
Key Quotes:
“USD/JPY retains a soft bias, with the USD limping along the base of the “cloud” and trend support”.
“A heavy session for the USD today offsets the powerful gain in spot seen yesterday and the weekly patterns here are somewhat concerning from a longer-term point of view”.
“The past month has seen the USD form a series of weekly “doji” candles at or just below the 100 level—”spinning tops”
in candlestick terms—which leaves the USD vulnerable to a shift lower”.
“Minor daily support at 98.24 today is under pressure atwriting (potential H&S top for a drop to the upper 94 area). We spot daily support at 97.56 today where trend resistance (now support) off the May high converges with cloud support—but the damage (via poor weekly signals and the negative short-term patterns) has perhaps already been done. Resistance is 99.50”.
Key Quotes:
“USD/JPY retains a soft bias, with the USD limping along the base of the “cloud” and trend support”.
“A heavy session for the USD today offsets the powerful gain in spot seen yesterday and the weekly patterns here are somewhat concerning from a longer-term point of view”.
“The past month has seen the USD form a series of weekly “doji” candles at or just below the 100 level—”spinning tops”
in candlestick terms—which leaves the USD vulnerable to a shift lower”.
“Minor daily support at 98.24 today is under pressure atwriting (potential H&S top for a drop to the upper 94 area). We spot daily support at 97.56 today where trend resistance (now support) off the May high converges with cloud support—but the damage (via poor weekly signals and the negative short-term patterns) has perhaps already been done. Resistance is 99.50”.