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29 Jul 2014
USDJPY technical signals mixed - TDS
FXStreet (Bali) - USDJPY’s technical signals are mixed, notes the FX Team at TD Securities.
Key Quotes
"USDJPY’s technical signals are mixed. While shorter-term studies suggest USD gains over the past week may extend modestly, the situation on the daily cloud chart remains negative."
"Spot is capped by cloud resistance amid weak “internal’ signals and remains below the 200-day MA. Meanwhile, the weekly ichimoku chart shows spot slowly creeping into the support band after the extended sideways movement seen over the past few months."
"We think the USD remains more range-bound versus the JPY at the moment. Short-term gains towards 1.02 may be seen but a sustained move up—or down—looks unlikely at this point as there is just not enough directional momentum in this market at the moment. Look for a continuation of the recent sideways range trade."
Key Quotes
"USDJPY’s technical signals are mixed. While shorter-term studies suggest USD gains over the past week may extend modestly, the situation on the daily cloud chart remains negative."
"Spot is capped by cloud resistance amid weak “internal’ signals and remains below the 200-day MA. Meanwhile, the weekly ichimoku chart shows spot slowly creeping into the support band after the extended sideways movement seen over the past few months."
"We think the USD remains more range-bound versus the JPY at the moment. Short-term gains towards 1.02 may be seen but a sustained move up—or down—looks unlikely at this point as there is just not enough directional momentum in this market at the moment. Look for a continuation of the recent sideways range trade."