USD/JPY: the dollar-yen completes an ABC chart figure and could resume a bullish turnaround

Goldman Sachs reports that the USD/JPY has reached a bearish target based on its technical analysis and expects signs of reversal.

The USD/JPY hit its support level and bearish target at 108.45, completing an ABC figure since the December 2016 summit.

A close above the 200-day moving average (at 108.82) would strengthen the prospect of a floor and a bullish turnaround.

The next support level below 108.45 is the previous intermediary summit of July 2016 at 107.49.