USD/JPY poised to resume its bull trend: BofA Merrill Lynch

Quotes from BofA Merrill Lynch:

- While the near-term swings in USD/JPY have been quite frustrating, the medium-term view remains bullish. Indeed, the 118.15 low could have marked the end of this 2m range trade. 

- Above 120.46 would confirm a resumption of the larger bull trend, targeting 124.16/124.59. 

- Back below 118.00 says all short-term longs should adopt a neutral stance, while it will take a break of 116.15 (Triangle support) to point to a turn in trend.