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1 Feb 2013
Forex Flash: Technically, USD/JPY looks bullish ahead – Nomura
Nomura Strategist Saeed Amen has taken a look at USD/JPY from a purely technical perspective.
Looking at a daily chart, Amen starts by noting that spot is up on the week and he is flipping to a bullish view. He sees that RSI has pushed back into overbought territory, suggesting an upward short term momentum. Further, he comments that longer term medium term moving averages are sloping higher. Amen sees that spot has also kept testing the upper Bollinger Band and bandwidth has also ticked higher, suggesting that spot is in breakout mode. He sets his target at 93.
Looking at a daily chart, Amen starts by noting that spot is up on the week and he is flipping to a bullish view. He sees that RSI has pushed back into overbought territory, suggesting an upward short term momentum. Further, he comments that longer term medium term moving averages are sloping higher. Amen sees that spot has also kept testing the upper Bollinger Band and bandwidth has also ticked higher, suggesting that spot is in breakout mode. He sets his target at 93.