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15 Mar 2013
Forex Flash: USD/JPY looks technically bullish - Nomura
FXstreet.com (Barcelona) - Nomura Strategist Saeed Amen has taken a look at USD/JPY from a purely technical perspective.
Amen notes that spot is basically unchanged on the week and he is retaining his bullish view. Looking at his daily chart he notes that bandwidth remains in expansion, suggesting that spot is still in an upward breakout. Further in spite of numerous reversal candlesticks, spot has not turned lower, suggesting that we have not yet reached a top. He writes, “RSI remained in overbought territory indicating underlying bullish momentum. Our target is 96.75 (below upper Bollinger band).”
Amen notes that spot is basically unchanged on the week and he is retaining his bullish view. Looking at his daily chart he notes that bandwidth remains in expansion, suggesting that spot is still in an upward breakout. Further in spite of numerous reversal candlesticks, spot has not turned lower, suggesting that we have not yet reached a top. He writes, “RSI remained in overbought territory indicating underlying bullish momentum. Our target is 96.75 (below upper Bollinger band).”