In a note to clients today, Bank of America Merrill Lynch reiterates its bullish USD view, especially against the likes of the JPY where BofA maintains a long position and the EUR as well. "Indeed, USD/JPY longs should be adding to their positions following the bullish breakout through 121.85/122.02 resistance (the 5.5m contracting range highs)," BofA advises. "Upside targets are seen to 124.16/59 and eventually 128.45. Pullbacks should not exceed the old range highs, now support at 121.85/122.02," BofA projects. In line with this view, BofA maintains a long USD/JPY position from 119.71, targeting a move to 128.45. ... (full story)