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USD/JPY: Bullish flag indicates potential upside to 124.00 - RBS
FXStreet (Guatemala) - Bottom at 118.00 Dmytro Bondar, Technical Analyst at RBS, suggest that USD/JPY correcting to the downside will be short lived based on bullish flag theory on daily chart.
Key Quotes:
"The USD/JPY has been in its correction phase after reaching my target of 121.00. It has also triggered a bullish flag on the daily chart, indicating there will be more upside after correction is completed."
"As a confirmation, the daily MACD has turned bullish. This implies that any corrections will probably be limited by the 118.00 support level, which we will see as buying opportunity for 121.00 and 124.00 onto potentially higher targets (130.00)."
