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5 Apr 2013
Forex Flash: USD/JPY looks technically bullish - Nomura
FXstreet.com (Barcelona) - Nomura strategist Saeed Amen has taken a look at USD/JPY for the week ahead from a purely technical perspective.
Looking at his daily chart he note that note that spot is up on the week and he is holding his bearish outlook. He notes that spot broke through the 20D SMA on the upside and bandwidth has alsostarted to expand, suggesting that a breakout is likely (on the upside). He writes, “RSI also jumped and has remained elevated indicating that momentum is on the upside. Our target is 97.10 (upper Bollinger band).”
Looking at his daily chart he note that note that spot is up on the week and he is holding his bearish outlook. He notes that spot broke through the 20D SMA on the upside and bandwidth has alsostarted to expand, suggesting that a breakout is likely (on the upside). He writes, “RSI also jumped and has remained elevated indicating that momentum is on the upside. Our target is 97.10 (upper Bollinger band).”