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Currency Analyst since 2010

BoA: weaker USD and JPY

Bank of America Merrill Lynch expects USD to resume the larger downtrend and expect US dollar index to target 78.72 (currently at 80.45). The bank is bearish on greenback, except versus JPY.

The specialists point out that EUR/USD is basing against $1.3452/1.3412 support, while GBP/USD is resuming its long term bull trend for $1.6262/1.6315.

BoA is also bearish on JPY versus USD, EUR and GBP. According to the bank, EUR/JPY will target 138.12/141.03 (bears need a break below 131.12 to negate this bullish potential and point to a turn in trend).

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