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Jun 16 - 06:55 PM

USD/JPY: Bearish Engulfing Pattern Favors A Correction Towards 131.50 N-Term But L-Term Bullish - BofA

By eFXdata  —  Jun 16 - 01:30 PM

Bank of America Global Research discusses USD/JPY technical outlook and sees a scope for a move towards 131.50.

"A bearish engulfing pattern confirmed a bearish RSI divergence favoring a tactical correction to 131.50. Note the top of the daily cloud is at 129/128.75," BofA notes. 

"Long term USDJPY charts  remain trend bullish with or without a correction. Of course the upcoming BoJ can make or break these tactical signals," BofA adds. 

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Source:
BofA Global Research

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