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 yesterday’s 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.