Forex Flash: USD/JPY is technically bearish – Nomura
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USD/JPY
FXstreet.com (Barcelona) - Nomura Strategist Saeed Amen gives hive outlook of the USDJPY from a purely technical perspective.
He begins by stating that his weekly target is 80.50 and he retains his bearish view. Despite spot being higher on the week and breaking through the upper Bollinger Band on his daily chart, the rise in bandwidth has been significant, suggesting that we could see some retracement back lower. He highlights RSI(14) as having ticked back lower, indicating that we have reached a short term top.
He begins by stating that his weekly target is 80.50 and he retains his bearish view. Despite spot being higher on the week and breaking through the upper Bollinger Band on his daily chart, the rise in bandwidth has been significant, suggesting that we could see some retracement back lower. He highlights RSI(14) as having ticked back lower, indicating that we have reached a short term top.
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