Bank of America Merrill Lynch Technical FX Strategy Research notes that USD/JPY has fallen into the bullish portion of the Ichimoku cloud, and is also coiling between converging trend lines.
“We believe a breakdown below the coil and cloud at 108.84 could lead to a deeper decline to trend line support at about 106.
While a break higher initially through 112.25 and then 114.10 could lead to a sustained rally,” BofAML argues.
Source: Bank of America Merrill Lynch Rates and Currencies Research
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