FXstreet.com (Barcelona) - Nomura strategist Saeed Amen has taken a look at USD/JPY from a purely technical perspective and believes that spot looks bullish ahead.

He begins by noting that spot is down on the week and he has a bullish view. Looking on a daily chart he notes that RSI has reached a level that has marked short-term lows in recent weeks. He writes, “Also spot has held in above the important 100 level. Bandwidth is falling suggesting that spot is likely to range. Hence, a retracement within the range back higher seems likely. Our target is 101.40 (20D SMA).”