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1 Jul 2014
USD/JPY looking heavy below the 200-day MA - TD Securities
FXStreet (Łódź) - The TD Securities FX research team note that the USD/JPY looks heavy below the 200-day MA - a benchmark the USD has held above since late 2012.
Key quotes
"Seasonal pressures are starting to build as well. July has seen the USD fall consistently over the past five years and, from a broader historical perspective, seasonal patterns turn more obviously adverse for the USD over the next few months."
"Rather than the 200-day MA, we rather think the USD will take its cue from the 100.75/80 area—where the February and May lows converge with weekly cloud support."
"A clear push through the upper 100 zone, combined with the seasonal trends would open up the downside for a push to the upper 98s potentially, perhaps more."
Key quotes
"Seasonal pressures are starting to build as well. July has seen the USD fall consistently over the past five years and, from a broader historical perspective, seasonal patterns turn more obviously adverse for the USD over the next few months."
"Rather than the 200-day MA, we rather think the USD will take its cue from the 100.75/80 area—where the February and May lows converge with weekly cloud support."
"A clear push through the upper 100 zone, combined with the seasonal trends would open up the downside for a push to the upper 98s potentially, perhaps more."