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Feb 12 - 01:24 PM
USD/JPY: Looking For Bullish Setup Ahead Of Next Strong Resistance Levels - ING
First appeared on eFXplus on Feb 12 - 11:10 AM

ING discusses USD/JPY technical outlook and maintains a neutral bias on a multi-days basis, while awaiting a confirmation of a bullish setup to shift its bias higher.

"The short-term strength continues after yesterdays solid rise above the horizontal resistance around 109.80 with prices breaking the declining MA-50 line at 110.31 today. Next strong resistance in the daily chart comes in between the flattening EMA-200 line at 111.00 and the horizontal line around 111.70," ING notes. 

"The short-term bullish targets at 112.95 and 113.30 are signalling further upside in the coming days to next few weeks. We are looking for a bullish set-up to upgrade our short-term rating to Up’," ING adds. 

Source:
ING Research/Market Commentary

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