Welcome Guest:
Sign Up
Derived real-time data in partnership with:
Thomson Reuters
Oct 01 - 11:00 AM
USD/JPY: Bullish Momentum Breakout; A Break Of 114.45 To Open Way To 118.60 - BofAML
First appeared on eFXplus on Oct 01 - 09:11 AM

Bank of America Merrill Lynch discusses USD/JPY technical outlook and flags a bullish pattern underway with a scope of 118.80 on a clear break of 114.45.

"The weekly chart of USD/JPY has broken two thresholds of technical significance. Price action last week closed above the 200wk SMA for the first time in over a year and the weekly RSI is accelerating. Trend following conditions such as MACD and Ichimoku are in a bullish position.

We see resistance at 114.45 and breaking through that opens a higher path to 118.60. Given our view on US rates (broadly bearish and to sell a rally) it may be right to wait for a dip in USD/JPY to position for further upside," BofAML notes. 

BofA Merrill Lynch Research/Market Commentary


  • eFXplus
  • End-user license agreement (EULA)


  • About
  • Contact Us


  • Terms of Service
  • Privacy Policy
  • Disclaimer