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Type: Financial research report
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This is page 3 of a 'Japan Macro Watch' financial research report produced by Bank of America Merrill Lynch, dated November 14, 2016. It contains technical analysis of the USD/JPY exchange rate, featuring two charts showing weekly and monthly trends, identifying support levels and a 'Golden cross' event. The document bears a 'HOUSE_OVERSIGHT_014426' Bates stamp, indicating it was part of a document production to the U.S. House Oversight Committee, likely as part of an investigation involving financial records.

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Key Quotes (3)

"Fading high 106’s could be a short-term profit-taking view, or area to enter countertrend short."
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Quote #1
"A final thrust toward July highs of 107.49 is possible and an alternative profit-taking level."
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Quote #2
"Long-term picture: 50m average crossing 200m average"
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HOUSE_OVERSIGHT_014426.jpg
Quote #3

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Complete text extracted from the document (1,270 characters)

reverse. Fading high 106’s could be a short-term profit-taking view, or area to enter countertrend short. A final thrust toward July highs of 107.49 is possible and an alternative profit-taking level. A pullback to 105.50 or 104.30 could certainly be bought for the broader uptrend targets of 108.47, and possibly 111.40, from the weekly chart pictured here.
Exhibit 1: USD/JPY weekly chart
USD-JPY X-RATE - Last Price ■ SMAVG (50) on Close 108.94 ■ SMAVG (100) on Close 114.97 ■ SMAVG (200) on Close 108.36
[Chart contains various percentage retracement levels: 0.0% (125.86), R: 111 - 111.80, 38.2% (106.57), 50.0% (100.60), 61.8% (94.64), 100.0% (75.35). Label: Major Support]
USDJPY ■ RSI 46.2577 ■ OB 70.00 ■ OS 30.00
[X-Axis: 2012, 2013, 2014, 2015, 2016, 2017]
Source: BofA Merrill Lynch Global Research, Bloomberg
Long-term picture: 50m average crossing 200m average
Chart 5: USD/JPY monthly chart with 50m average and 200m average
[Chart Y-Axis: 50, 70, 90, 110, 130, 150, 170, 190, 210]
[Chart Label: Golden cross]
[X-Axis: Oct-91, Oct-96, Oct-01, Oct-06, Oct-11, Oct-16]
[Legend: — USDJPY — 50m mva — 200m mva]
Source: BofA Merrill Lynch Global Research, Bloomberg
Bank of America Merrill Lynch
Japan Macro Watch | 14 November 2016
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HOUSE_OVERSIGHT_014426

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