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USD/JPY: death cross on daily chart imminent - Scotiabank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 14, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - Eric Theoret, CFA, CMT FX Strategist at Scotiabank explained that this week’s modest, steady gains in JPY hint to a shift in relative policy expectations rather than a sensitivity broader market sentiment, the latter typically providing for violent knee-jerk reactions in JPY rather than the steady gains observed over the past three sessions.

    Key Quotes:

    "USD/JPY short-term technicals: neutral-bearish.

    "Signals are becoming increasingly bearish as the RSI flirts with 40 and as short term MA’s provide confirmation."

    "USD/JPY is steadily toward closing levels not observed since early September with vulnerability to a decline toward the October 2nd low at 118.68."

    "Medium-term signals are also bearish as we consider the imminent crossing of the 50 day MA below the 200 day MA—also typically known as the ‘death cross’."
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