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EUR/USD, USD/JPY To Correct Lower; Buy EUR/JPY On A Dip - BofA Merrill
With risk markets poised to under perform further given the poor seasonals surrounding US equities, both of EUR/USD and USD/JPY are poised to correct lower in the sessions ahead, says Bank of America Merrill Lynch. "HOWEVER, in both instances we expect weakness to be temporary and corrective before their larger bull trends resume. Specifically, we look for a EUR/USD to base and turn higher from 1.3452/1.339, while USD/JPY should resume its burgeoning uptrend ahead of the Sep-18 lows of 97.78," BofA clarifies. "Once the correction completes EUR/USD targets 1.3669/1.3711(3m channel resistance & February highs), ... (full story)
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