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Stay bullish on USD/JPY – BAML

FXStreet (Barcelona) - MacNeil Curry, CFA, CMT, Technical Strategist at BofA-Merrill Lynch, remains bullish on USD/JPY, targeting 124.59 and 128.45.

Key Quotes

“We have initiated a new long position in $/¥, as evidence says that the bull trend of the past 4+ months is drawing to a conclusion and the long-term uptrend is set to resume for 124.59, ahead of 128.45.”

“Below 118.33 points to continued range-trading, while those awaiting additional price confirmation need a break of 120.86 (the Apr-13 high).”

GBP/USD back above to 1.5

The GBP/USD pair ran into fresh bids around the post-retail sales low of 1.495, which helped the pair recover to 1.5 levels.
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DAX drops on weak EZ PMIs

Germany’s benchmark index, the DAX opened on a positive note, although quickly fell in red following downbeat flash PMI figures, as well as the poor retail sales report from Britain.
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