TD Research flags a scope for a 'vicious snapback' in USD/JPY and expresses that via maintains a short position* targeting a move towards 105.
"USDJPY may be prone to a vicious snapback. We are watching 111.40/50 on the topside as a notable pivot point, with a return below 110 an accelerator to the downside," TD argues.
TD also maintains its buy-on-dips into 1.3150 strategy for USD/CAD.
"For now, we view 1.3150 as an attractive dip buying opportunity and are focused on 1.35 over the summer before reconsidering its risk/reward potential of a fade," TD adds.
*Recorded in eFXplus Orders