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ANZ: long-term bulls on USD/JPY

According to ANZ strategists, USD/JPY remains in a long-term rising trend.  However, a close above 103.65 would be required to provide some conviction that the uptrend with a next target of 106.50 might have resumed. 

"A resumption of the uptrend should allow for a push through the 105.50-106.50 area (retracement and downtrend) within a push towards the broader retracement level of 111.50 (50% of the range of the past 20 years)," ANZ projects.




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