EUR/USD Bears & USD/JPY Bulls, 'Awaken From Your Slumber' - BofA Merrill
While Bank of America Merrill Lynch has recently focused far more attention on the future of EUR/USD, USD/CHF and GBP/USD, BofA now thinks that it's time to put USD/JPY back on the rader screen
"THE 2.5m RANGE TRADE IS FAST DRAWING TO A CLOSE and the LONG TERM BULL TREND IS POISED TO RESUME," BofA projects.
"While Triangle resistance at 99.740 may prove near term sticky, PULLBACKS SHOULD BE BOUGHT for 105.80/106.00, Potentially 109.80. Pullbacks should not breach 96.80/94.90," BofA advises.
Meanwhile, BofA maintains its EUR/USD short trade, particularly following the break of 1.3272, trendline/channel resistance.
"A move below 1.3190 confirms a resumption of its larger bear trend for 1.2823/1.2752 and eventually 1.2457. Bulls need a break of 1.3418 to gain control," BofA adds.
13 AUG 2013 23:35 EDT
By eFXnews.com
"THE 2.5m RANGE TRADE IS FAST DRAWING TO A CLOSE and the LONG TERM BULL TREND IS POISED TO RESUME," BofA projects.
"While Triangle resistance at 99.740 may prove near term sticky, PULLBACKS SHOULD BE BOUGHT for 105.80/106.00, Potentially 109.80. Pullbacks should not breach 96.80/94.90," BofA advises.
Meanwhile, BofA maintains its EUR/USD short trade, particularly following the break of 1.3272, trendline/channel resistance.
"A move below 1.3190 confirms a resumption of its larger bear trend for 1.2823/1.2752 and eventually 1.2457. Bulls need a break of 1.3418 to gain control," BofA adds.
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