There has been clear evidence of demand for USD calls versus both EUR and JPY, despite the recent weakness in USD versus these currencies, volume data from Bank of America Merrill Lynch showed on Friday.
"In particular with USD/JPY having corrected significantly lower, this gives a bullish signal for USD/JPY," BofA adds.
BofA vol data also showed that in USD/CAD, there is evidence of an increase in demand for USD puts, whereas in AUD/USD there is increased demand for USD calls.
This. according to BofA, gives a bearish USD/CAD signal, while suggesting that AUD/USD may continue to stay under pressure this week.
Read More: http://www.efxnews.com/story/19165/volume-based-fx-signals-week-bofa-merrill
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