USD/JPY: RBS sees buying opportunity now, targets 130.00

RBS remains bullish on the USD/JPY pair, targeting 128.00 and 130.00.

"The USD/JPY pair is still trying to finish its minor correction after reaching a long-term target at 124.00. However, this correction may end soon, as the Ichimoku cloud provides support in the 122.00 area, where the 50% Fibonacci retracement lies. In addition, the 20/5/5/3 stochastic is near its oversold zone, confirming that the correction is about to end. "

"Therefore, these levels offer a good opportunity to come back to buy the USD/JPY pair at 122.90 to target 128.00, 130.00 and potentially a major level of resistance and the ultimate goal of the bull flag at 135.00. The stop would be a close below the 120.00 level".

"Supports: 122.10, 121.21, 120.11. Resistance: 124.09, 125.87, 128.75".