BofA: USD/JPY targets 112.40
According to analysts at Bank of America Merrill Lynch, USD/JPY looks set to resume its large bullish trend. The pair held positions even despite the last week’s selloff in equities.
“Another break of 109.36 confirmed a resumption of the larger bull trend, targeting 110.67 ahead of 112.42”, economists project.
The bears need a break below 107.50 to retake the pair under control.
Chart. Monthly USD/JPY