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USD/JPY: Bullish & Long; EUR/USD: Bears Get Ready - BofA Merrill
Despite its recent sideways price action, Bank of America Merrill Lynch remains bullish and long USD/JPY. "Evidence says that the bull trend of the past 4+ months is drawing to a conclusion and the long-term uptrend is set to resume for 124.59, ahead of 128.45," BofA argues. "Below 118.33 invalidates this view and points to continued range-trading, while those awaiting additional price confirmation need a break of 120.86 (the Apr-13 high)," BofA adds. In line with this view, BofA maintains a long USD/JPY position with a stop at 118.32, and a target at 124.59. Turning to EUR/USD, BofA notes that since mid-March, the ... (full story)
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