USD/JPY: Sits In Bullish Cloud, Stuck In Triangle; Levels To Watch – BofAML

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

The article is published by one of the foremost sources of Forex trading information. Link to the original article above.

from eFXNews http://feedproxy.google.com/~r/Efxnews/~3/_Mjq0766tc8/usdjpy-sits-bullish-cloud-stuck-triangle-levels-watch-bofaml

from Online Forex Trading Resource
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