CitiFX Technical Strategy Research notes that USD/JPY posted a bullish outside week last week indicating higher levels ahead.
“The setup forming looks to be a double bottom which has previously given signs of a decent rally – in both early 2012 and again last year.
The key level to watch is 114.37. A weekly close above there would confirm the setup and indicate a rally to almost 120,” Citi adds.
USD/JPY is trading circa 111.25 as of writing.
Source: Citi Research
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