Flash: USD/JPY looks technically bullish - Nomura

Nomura Strategist Saeed Amen has taken a look at USD/JPY from a purely technical perspective and expects spot to be bullish for the week ahead.

He begins by noting that spot is higher on the week and he is retaining a bullish view. Looking at his hourly chart he notes that with spot failing to break the 20D SMA on the downside, spot is likely to continue higher. He writes, “The RSI has reached levels, where in recent weeks it has generally bounced. However, with bandwidth lower, the move higher is likely to be more range bound. Our target is 103.60 (recent high).”