Flash: USD/JPY 102.95/00 should be strong technical resistance now –TD Securities

FXstreet.com (London) - Research teams at TD Securities said that the daily USD/JPY chart shows the market recovering strongly from the 101.05 trend support on the day but price action overall last week in USD/JPY was outright bearish.

They suggest that the daily pattern of trade is starting to show some of the classic signs of potential weakness via the upward sloping and narrowing range. The 101.00/05 area is key support now and may be retested if spot cannot quickly make new highs and said that JPY102.95/00 should be strong technical resistance now.