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4 May 2015
USD/JPY could consolidate near term – TD Securities
FXStreet (Edinburgh) - The pair could attempt a consolidation pattern in the near term, according to strategists at TD Securities.
Key Quotes
“USDJPY is nudging back towards the upper end of the recent trading range and putting “ichimoku” cloud resistance under a little pressure at writing but there is little sign that the broader, sideways trading range in place over the past few months is poised to break down”.
“Short-term, we expect the USD to remain better supported and the lack of any real trend here (apart from sideways) in the past few months means that it will take a significant move—either above 122 or below 116 on a sustained basis—to imply that a broader move is unfolding. We remain longer-term USDJPY bulls but we think range trading continues for now”.
Key Quotes
“USDJPY is nudging back towards the upper end of the recent trading range and putting “ichimoku” cloud resistance under a little pressure at writing but there is little sign that the broader, sideways trading range in place over the past few months is poised to break down”.
“Short-term, we expect the USD to remain better supported and the lack of any real trend here (apart from sideways) in the past few months means that it will take a significant move—either above 122 or below 116 on a sustained basis—to imply that a broader move is unfolding. We remain longer-term USDJPY bulls but we think range trading continues for now”.