Flash: USD/JPY short popular-TDS

FXstreet.com (London)--strategists at TD Securities said that short JPY trading is a popular craft and well populated, so we are sensitive to signals of short-term price (as today) could signal some weakness or a temporary reversal in USDJPY Rally.

Key quotes:

"We note, however, that the recent runs in USD it seems" internally "well structured and has a lot of underlying dynamism across a range of time".

"Weakness USDJPY should remain relatively contained. The overall picture here is one of a market that has rallied hard in the first half of the year and consolidated essentially through the second; the greater the consolidation triangle break on the chart week of November (monthly debit card a closing over 100 points which we wanted to see to support the bull trend) indicates a repetition of 77/103 "rally.

"We are bullish in the medium term, but would rather get down approaching 100".

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