18 Feb 2015
USD/JPY on the edge of resuming its bull trend – BAML
FXStreet (Barcelona) - MacNeil Curry, CFA, CMT, Technical Strategist at BofA-Merrill Lynch, views that USD/JPY is on the verge of resuming its bull trend, further adding that a move above 120.46 will confirm this view.
Key Quotes
“While the near-term swings have been quite frustrating, the medium-term view remains bullish.”
“Indeed, the 118.15 low could have marked the end of this 2m range trade.”
“Above 120.46 would confirm a resumption of the larger bull trend, targeting 124.16/124.59.”
“Back below 118.00 says all short-term longs should adopt a neutral stance, while it will take a break of 116.15 (Triangle sup) to point to a turn in trend.“
Key Quotes
“While the near-term swings have been quite frustrating, the medium-term view remains bullish.”
“Indeed, the 118.15 low could have marked the end of this 2m range trade.”
“Above 120.46 would confirm a resumption of the larger bull trend, targeting 124.16/124.59.”
“Back below 118.00 says all short-term longs should adopt a neutral stance, while it will take a break of 116.15 (Triangle sup) to point to a turn in trend.“