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Apr 01 - 09:55 AM

USD/JPY: In No-Man's Land; In Deep Overbought Territory With Next Bull Target At 111.70 - TD

By eFXdata  —  Apr 01 - 08:37 AM

TD Research discusses USD/JPY outlook and notes that the spot is in a bit of no-man’s land here, with the major attractors about a big figure away in both directions.

"Primary support comes in at last June’s spike high of 109.85, while the next target for bulls will likely be the panic peaks from last March at 111.71. Price action remains highly momentum-driven and we have to think that some further upside potential still exists," TD notes. 

"That said, with both the daily and weekly RSIs now deep in overbought territory, the JPY looks increasingly cheap on our HFFV framework," TD adds. 

Source:
TD Bank Research/Market Commentary

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