USD/JPY filling the sharp advances -TDS

By FXstreet.com | Updated August 25, 2014 AAA

FXStreet (Guatemala) - Analysts at TD Securities explained that while USD/JPY’s gains last week look positive from a longer-term perspective, there are signals that this is no one-way street.



Key Quotes:



“Friday’s stall a little above 104 (via a big “doji” candle) and today’s net losses so far from the Asian opening suggest the USD may be in for some short-term, at least, back and filling of the sharp gains seen from the mid 101 area since early August”.



“Short-term chart patterns are a bit more obviously negative, suggesting that the market has formed a minor peak at least at 104.25 (via an ’evening star” bear reversal on the 6-hour chart)”.



“We may see a retest of the 103 area before USDJPY can resume its move higher”.



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