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17 Jun 2013
Flash: USD/JPY technical picture remains soft - TDS
FXstreet.com (Barcelona) - The technical picture remains soft for USD/JPY, with the pair having closed below support on the cloud chart, a bearish “’kumo” breakout, says Shaun Osborne, Chief FX Strategist at Toronto FX Research Team.
Osborne reminds us that ichimoku strategies are still closely followed in Asian trading, and the weak close (confirmed break down) "may well drive more USD selling in the early part of this week, pushing the USD through retracement support that held Thursday at 93.60" the Strategist notes.
In short, Osborne suspects "risks remain geared to the downside with 90.92.50 as key medium term support zone for the USD."
Osborne reminds us that ichimoku strategies are still closely followed in Asian trading, and the weak close (confirmed break down) "may well drive more USD selling in the early part of this week, pushing the USD through retracement support that held Thursday at 93.60" the Strategist notes.
In short, Osborne suspects "risks remain geared to the downside with 90.92.50 as key medium term support zone for the USD."