FXstreet.com (Barcelona) - Nomura Strategist Saeed Amen has taken a look at USD/JPY from a purely technical perspective.
He begins by noting that spot is up on the week but he has flipped to a bullish view. He sees that RSI has stalled at relatively high levels which is indicative of being close to a top. Further, he adds that with bandwidth declining alongside a failure to break the upper Bollinger band, he feels that spot could retrace lower within the range. His target is 89, where the 20 SMA lies.
He begins by noting that spot is up on the week but he has flipped to a bullish view. He sees that RSI has stalled at relatively high levels which is indicative of being close to a top. Further, he adds that with bandwidth declining alongside a failure to break the upper Bollinger band, he feels that spot could retrace lower within the range. His target is 89, where the 20 SMA lies.
