RBS notes in a report on Tuesday: We remain long USD/JPY after the resumption of the up-trend towards 124.00 and above targets and note that our first resistance level of 122.00 has already been tested, from where there …
We remain long USD/JPY after the resumption of the up-trend towards 124.00 and above targets and note that our first resistance level of 122.00 has already been tested, from where there may be a correction.
We moved our stop higher to the 115.80 level, which was not touched last month. The near-term may see a correction back to the 118.70 pivot point, which is expected to hold, offering levels for those who missed the move.
We hold the view for 122.00 and 124.00 bull flag targets to be tested. The latter coincides with my long-term target. After that, more upside towards 130.00 and 135.00 cannot be excluded.
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