27 Jun 2014
USD/JPY downtrend to emerge - BAML
FXStreet (Guatemala) - Analysts at Bank of America Merrill Lynch explained that they reiterate their bearish view on USD/JPY, targeting 99.21, potentially as far as 97.40.
“Yes, we hold this view despite being bearish Treasuries”.
“We are looking for a correlation breakdown between the two markets. While USD/JPY has not yet closed below the 200d (now 101.70), we think that it is just a matter of time”.
“Indeed, the entire range trade from the Feb-04 lows, at 100.75, is setting up for a bearish resolution, from which a decent TRADEABLE downtrend should emerge”.
“Yes, we hold this view despite being bearish Treasuries”.
“We are looking for a correlation breakdown between the two markets. While USD/JPY has not yet closed below the 200d (now 101.70), we think that it is just a matter of time”.
“Indeed, the entire range trade from the Feb-04 lows, at 100.75, is setting up for a bearish resolution, from which a decent TRADEABLE downtrend should emerge”.