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27 Mar 2015
USD/JPY: Remains at risk of easing - TDS
FXStreet (Guatemala) - Analysts at TD Securities explained and noted that USD/JPY dipped to its lowest level in 5 weeks Thursday, extending March’s losses from the upper 121 area where the USD peaked in December.
Key Quotes:
"There is a more distinct whiff of a short-term (at least) trend change here, with trend support breaking and a turn in short-term trend momentum—now aligned bearishly. While the USD made good progress off of Thursday’s low (forming a bull “hammer” signal in the process), the lack of confirming follow through buying interest today suggests that the USD remains at risk of easing."
"Thursday’s low (118.35) becomes important support now—below here and the USD should ease to 117 and possibly test key support (double top trigger) at 115.63. Above 119.50 early next week provides short-term relief (to 120.20)."
Key Quotes:
"There is a more distinct whiff of a short-term (at least) trend change here, with trend support breaking and a turn in short-term trend momentum—now aligned bearishly. While the USD made good progress off of Thursday’s low (forming a bull “hammer” signal in the process), the lack of confirming follow through buying interest today suggests that the USD remains at risk of easing."
"Thursday’s low (118.35) becomes important support now—below here and the USD should ease to 117 and possibly test key support (double top trigger) at 115.63. Above 119.50 early next week provides short-term relief (to 120.20)."