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USD/JPY Outlook

Tuesday, July 14, 2015 9:42 PM UTC

RBS notes:

Last week we mentioned that the USD/JPY correction could end soon, which indeed was the case after the pair bounced from the bottom of the channel and pressured the top of the Ichimoku cloud after triggering a bullish flag pattern. Also 20/5/5/3 stochastics is turning bullish from its oversold region, confirming the correction is done.

Therefore I like staying long USD/JPY for 128.00, 130.00 and ultimately a major resistance level and the final target from the bullish flag at 135.00.

Stop will be a sustained close below 120.00

SUP: 122.10 121.21 120.11
RES: 124.09 125.87 128.75

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USD/JPY Outlook

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