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26 Apr 2013
Forex Flash: USD/JPY looks technically bullish - Nomura
FXstreet.com (Barcelona) - Nomura Strategist Saeed Amen has taken a look at USD/JPY and notes that the pair is technically bullish ahead.
Looking at a daily chart he notes that spot is down on the week and he is flipping to a bullish view. Further, he adds that RSI has dropped, suggesting a short term high has been reached. However, on the downside, he comments that spot has failed to breach the 20D SMA, suggesting important downward support. He writes, “With bandwidth falling, it suggests that spot is likely to retrace within the range back higher. Our target is 100.”
Looking at a daily chart he notes that spot is down on the week and he is flipping to a bullish view. Further, he adds that RSI has dropped, suggesting a short term high has been reached. However, on the downside, he comments that spot has failed to breach the 20D SMA, suggesting important downward support. He writes, “With bandwidth falling, it suggests that spot is likely to retrace within the range back higher. Our target is 100.”