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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. 

Source:
BofA Merrill Lynch Research/Market Commentary

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