Home Bearish EUR/USD; Bullish & Long USD/JPY – BofA Merrill
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Bearish EUR/USD; Bullish & Long USD/JPY – BofA Merrill

After a week in which the dollar did not dominate all currencies for a change, there are certainly dollar bulls out there.

The team at Bank of America Merrill Lunch is bullish on the greenback against both the euro and the yen. Here are charts and targets:

Here is their view, courtesy of eFXnews:

Bank of America Merrill Lynch remains bearish EUR/USD arguing that the bear trend remains on firm footing below 1.1902, the 6 week channel resistance.

Initial targets are 1.1749/1.1706 ahead of 1.1667/1.1641,” BofA projects. Longer term BofA targets 1.1500 ahead of 1.1212 and eventually 1.0588/1.0283.

“Risk of n/term basing into 1.1667/1.1641, but gains are corrective and limited to 1.1902, worst case 1.1977/1.2000,” BofA argues.

Trouble start on a break of 1.2000/1977. Bulls need a break above 1.2235 to gain control,” BofA add.

stay bearish initial support is see at 1 1749 bearish euro dollar

In USD/JPY, BofA is bullish and long looking for a resumption of the long term uptrend for 124.16/59.

“A break of 120.00 and then 120.83 confirms a return to trend. Below 118.05 indicates a greater base than anticipated,” BofA projects.

In line with this view, BofA maintains a long USD/JPY position from 119.41 with a target at 124.59, and a stop at 118.03.

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Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.