Analysts at Merrill Lynch have been looking at the long term USD/JPY charts … and they like what they see.
A key level they highlighted was the downtrend since 2002. They say a break above confirms a base and targets 110.67/112.42.
USDJPY monthly chart
Meanwhile BofA is bearish and short AUD/USD.
“Now that triangle is drawing to a close and the larger bear trend could be about to resume. Minimum downside targets are seen to 0.8525, ahead of 0.8415,” BofA projects.
“Further gains should not exceed 0.8861, while a break of the Oct-09 high at 0.8900 would invalidate this bearish view,” BofA adds.
BofA holds a short AUD/USD from 0.8818 with an initial target at 0.8525.
AUDUSD triangle
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