I wrote yesterday that currency strategists at Bank of America Merrill Lynch said to buy USD/JPY dips beginning at 98.00 and adding at 97.50 and 97.00. The low today was 97.00 so their gas tank should be full.
They target 105.80/106.00 initially and then 109.80 with a stop at 95.80.
The thing is, it’s a bit tough to trust a recommendation when the market went 140 pips against them on day one.
