BofA Merrill Lynch:
For USD/JPY, the 4m range trade looks to be in its final throes. While allowing for one last pullback toward 118.78 (4m Triangle support), pullbacks should be bought. Upside targets are seen to 124.16/124.59, ahead of 128.45. Below 118.33 (Mar-26 low) invalidates the bullish setup.
USD/TRY looks even more impressive. Specifically, while most USD/EMFX pairs have been able to break below their Mar-25 lows, USD/TRY has been unable to do so. This speaks to the underlying strength of its long-term bull trend. Now, its one-month range trade is just about complete and the long-term bull trend seems about to resume for 2.6835/2.7336. Pullbacks into 2.5631 should be bought, while a break of 2.5405 (Mar-23 low) invalidates the bullish setup.
