Bank of America Merrill Lynch Technical FX Strategy Research notes that EUR/JPY channel breakout in early 2017 calculated two technical targets of 130 and 139.
BofANL notes that EUR/JPY has already tested the first 130 target in early July and is currently hovering around that level and the 200wk SMA.
As the ichimoku cloud turns up and more bullish, BofAML thinks that another clear break above 130 will target 139 in due course.
Source: Bank of America Merrill Lynch Rates and Currencies Research
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