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USD/JPY: Tech Signals & Levels To Know In 1H 2017 - BofA Merrill
USDJPY’s uptrend to continue in 2017. Technical analysis shows USD/JPY made a triple bottom pattern in 3Q16 and began an uptrend in 4Q16. We think the uptrend will continue in 2017 and will look for additional signals such as a close through the weekly Ichimoku cloud and declining 100wk SMA. Measured move analysis from the November 2016 trend line break suggests USD/JPY will initially reach 116.48. We also think there is potential for USD/JPY to retest previously important technical levels in 2017 such as 121.15, 123.75 and cannot yet rule out the 2015 highs of 125.85. More bullish USD/JPY technical ... (full story)