USD/JPY: Wedge Bottom & Rising MACD Points To Tactical Rally Into Mid-to-Upper 108s - BofAML

Bank of America Merrill Lynch Research discusses USD/JPY outlook and notes that with a wedge bottom forming, USD/JPY continues to prod the bottom of the daily Ichimoku cloud. 
"While most trend conditions remain bearish, aggressive shorts could enter at this resistance area; however, we are cognizant that the wedge bottom and rising MACD point to a tactical rally into the cloud, such as the mid- to upper-108s.
USD/JPY above support at 106.57 maintains a tactically bullish tone. We think the wedge would fail if spot fell below 106.02. Both of these levels are lines that are part of the Ichimoku cloud indicator," BofMAL argues. 


Post a Comment